TD Asset Management Inc Decreases Holdings in The PNC Financial Services Group, Inc $PNC

TD Asset Management Inc decreased its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 190,806 shares of the financial services provider’s stock after selling 10,663 shares during the period. TD Asset Management Inc’s holdings in The PNC Financial Services Group were worth $35,570,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Morningstar Investment Management LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter valued at $665,000. RFG Advisory LLC boosted its stake in shares of The PNC Financial Services Group by 8.7% during the 2nd quarter. RFG Advisory LLC now owns 1,389 shares of the financial services provider’s stock valued at $259,000 after buying an additional 111 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of The PNC Financial Services Group by 12.8% during the 2nd quarter. Axxcess Wealth Management LLC now owns 7,201 shares of the financial services provider’s stock valued at $1,342,000 after buying an additional 819 shares during the last quarter. NorthRock Partners LLC boosted its stake in The PNC Financial Services Group by 42.5% during the 2nd quarter. NorthRock Partners LLC now owns 5,933 shares of the financial services provider’s stock valued at $1,106,000 after acquiring an additional 1,770 shares during the last quarter. Finally, Verdence Capital Advisors LLC boosted its stake in The PNC Financial Services Group by 20.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 13,980 shares of the financial services provider’s stock valued at $2,606,000 after acquiring an additional 2,361 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $178.18 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The stock has a market cap of $70.17 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.27 and a beta of 1.10. The stock’s 50 day moving average price is $198.30 and its 200 day moving average price is $183.78. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.80.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the business earned $3.49 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be given a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.8%. The PNC Financial Services Group’s payout ratio is 46.51%.

Analyst Ratings Changes

PNC has been the topic of a number of research analyst reports. Raymond James Financial increased their price objective on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Evercore ISI raised their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Wolfe Research reiterated a “peer perform” rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $218.47.

About The PNC Financial Services Group

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.