Hamel Associates Inc. Sells 1,000 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Hamel Associates Inc. trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 14,424 shares of the financial services provider’s stock after selling 1,000 shares during the period. Hamel Associates Inc.’s holdings in The PNC Financial Services Group were worth $2,243,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors boosted its position in The PNC Financial Services Group by 0.5% during the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock worth $2,556,195,000 after purchasing an additional 78,407 shares during the period. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $1,039,481,000. Franklin Resources Inc. increased its stake in The PNC Financial Services Group by 165.4% during the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock worth $756,957,000 after acquiring an additional 3,046,226 shares during the period. Capital Research Global Investors increased its position in shares of The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after purchasing an additional 778,264 shares during the period. Finally, Putnam Investments LLC raised its stake in The PNC Financial Services Group by 3.2% in the fourth quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock valued at $568,662,000 after purchasing an additional 114,960 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley lifted their price target on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, Barclays raised their price target on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $177.02.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the transaction, the chief executive officer now directly owns 554,701 shares in the company, valued at $101,604,582.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, August 30th. The shares were sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at approximately $101,604,582.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,263 shares of company stock valued at $4,418,109. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded down $1.59 on Thursday, reaching $180.77. 514,134 shares of the company’s stock were exchanged, compared to its average volume of 1,878,151. The stock has a fifty day simple moving average of $172.03 and a 200-day simple moving average of $160.19. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $185.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $71.86 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 2.05 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.36 earnings per share. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were given a dividend of $1.60 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is 53.74%.

The PNC Financial Services Group 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.