PDT Partners LLC Decreases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

PDT Partners LLC lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,106 shares of the financial services provider’s stock after selling 4,012 shares during the quarter. The PNC Financial Services Group makes up about 0.4% of PDT Partners LLC’s portfolio, making the stock its 25th biggest holding. PDT Partners LLC’s holdings in The PNC Financial Services Group were worth $5,011,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Concurrent Investment Advisors LLC raised its position in shares of The PNC Financial Services Group by 45.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock worth $1,185,000 after purchasing an additional 2,009 shares during the last quarter. BSN CAPITAL PARTNERS Ltd acquired a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $12,548,000. Bleakley Financial Group LLC lifted its position in shares of The PNC Financial Services Group by 9.0% in the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock valued at $2,913,000 after acquiring an additional 1,299 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $822,000. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $18,159,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $214.72 on Friday. The company’s 50 day simple moving average is $194.07 and its 200-day simple moving average is $176.56. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a 1 year low of $132.11 and a 1 year high of $216.26. The company has a market capitalization of $85.20 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 2.25 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the prior year, the firm earned $3.60 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PNC shares. Barclays lifted their target price on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $189.15.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $205.98, for a total value of $255,827.16. Following the sale, the chief executive officer now directly owns 535,007 shares in the company, valued at approximately $110,200,741.86. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,546 shares of company stock worth $5,345,530 over the last three months. Company insiders own 0.42% of the company’s stock.

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.