Cypress Asset Management Inc. TX Lowers Position in PNC Financial Services Group, Inc. (The) (PNC)

Cypress Asset Management Inc. TX lowered its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 4.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,412 shares of the financial services provider’s stock after selling 2,055 shares during the period. Cypress Asset Management Inc. TX’s holdings in PNC Financial Services Group, Inc. (The) were worth $5,546,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. First Interstate Bank boosted its stake in PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares during the period. Ledyard National Bank boosted its stake in PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares during the period. Pinnacle Bank bought a new stake in PNC Financial Services Group, Inc. (The) during the first quarter valued at $157,000. Quadrant Capital Group LLC boosted its stake in PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock valued at $162,000 after buying an additional 39 shares during the period. Finally, Jacobus Wealth Management Inc. boosted its stake in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.62% during midday trading on Friday, hitting $128.19. 1,932,401 shares of the stock were exchanged. The firm has a 50 day moving average of $126.99 and a 200-day moving average of $123.22. The stock has a market cap of $61.43 billion, a P/E ratio of 16.31 and a beta of 0.93. PNC Financial Services Group, Inc. has a 12 month low of $84.60 and a 12 month high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.82 EPS. Equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.70 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, July 13th. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is currently 38.12%.

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Several analysts have recently weighed in on the stock. Zacks Investment Research cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. BidaskClub upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $129.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, July 14th. Nomura lifted their target price on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a research report on Monday, July 17th. Finally, Instinet reiterated a “neutral” rating and issued a $126.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $122.57.

In related news, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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