Convergence Investment Partners LLC Sells 4,604 Shares of The PNC Financial Services Group, Inc $PNC

Convergence Investment Partners LLC cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 41.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,563 shares of the financial services provider’s stock after selling 4,604 shares during the quarter. Convergence Investment Partners LLC’s holdings in The PNC Financial Services Group were worth $1,224,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $27,000. IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $27,000. Concord Wealth Partners grew its stake in shares of The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Cornerstone Planning Group LLC grew its stake in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 65 shares during the period. Finally, WPG Advisers LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $36,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Up 2.4%

NYSE PNC opened at $186.38 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $73.40 billion, a P/E ratio of 12.04, a P/E/G ratio of 1.30 and a beta of 1.10. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The stock has a 50 day moving average price of $197.18 and a 200-day moving average price of $185.06.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.49 EPS. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

Analysts Set New Price Targets

PNC has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. UBS Group upped their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Finally, Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $218.47.

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.