Evanson Asset Management LLC Cuts Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Evanson Asset Management LLC reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 33.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,534 shares of the financial services provider’s stock after selling 766 shares during the period. Evanson Asset Management LLC’s holdings in The PNC Financial Services Group were worth $238,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PNC. Rockline Wealth Management LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,825,000. KPP Advisory Services LLC purchased a new position in The PNC Financial Services Group in the third quarter valued at about $323,000. AQR Capital Management LLC increased its holdings in The PNC Financial Services Group by 144.2% in the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after buying an additional 67,490 shares in the last quarter. Comerica Bank purchased a new position in The PNC Financial Services Group in the second quarter valued at about $5,594,000. Finally, Gradient Investments LLC increased its holdings in The PNC Financial Services Group by 59.9% in the third quarter. Gradient Investments LLC now owns 635 shares of the financial services provider’s stock valued at $78,000 after buying an additional 238 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction on Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a report on Thursday. Stephens reissued an “equal weight” rating and set a $138.00 price objective on shares of The PNC Financial Services Group in a research note on Tuesday, December 5th. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an “underperform” rating in a research note on Wednesday, January 3rd. Odeon Capital Group raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price objective for the company in a research note on Thursday, December 14th. Finally, HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $141.00 to $155.00 in a research note on Thursday. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $152.87.

The PNC Financial Services Group Trading Up 1.0 %

Shares of PNC traded up $1.66 during mid-day trading on Thursday, reaching $161.63. The company had a trading volume of 1,725,297 shares, compared to its average volume of 2,237,252. The stock has a market cap of $64.30 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 1.79 and a beta of 1.17. The firm has a fifty day simple moving average of $149.96 and a 200-day simple moving average of $138.25. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $162.24. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $1.04. The company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.30 billion. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The PNC Financial Services Group’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the business earned $3.49 EPS. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 12.4 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Tuesday, January 16th were issued a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, January 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.84%. The PNC Financial Services Group’s payout ratio is 48.48%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.