Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in The PNC Financial Services Group, Inc $PNC

Sumitomo Mitsui Trust Group Inc. reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 978,403 shares of the financial services provider’s stock after selling 11,814 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.25% of The PNC Financial Services Group worth $196,591,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Avior Wealth Management LLC boosted its stake in The PNC Financial Services Group by 4.5% in the 2nd quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 52 shares during the period. Rockland Trust Co. lifted its holdings in shares of The PNC Financial Services Group by 0.5% in the second quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock worth $1,957,000 after buying an additional 53 shares in the last quarter. Kennebec Savings Bank boosted its position in shares of The PNC Financial Services Group by 1.6% in the third quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after acquiring an additional 54 shares during the period. Almanack Investment Partners LLC. grew its stake in The PNC Financial Services Group by 2.3% during the second quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 55 shares in the last quarter. Finally, Winthrop Capital Management LLC grew its stake in The PNC Financial Services Group by 2.1% during the second quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock valued at $488,000 after acquiring an additional 55 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on PNC shares. Oppenheimer cut their price target on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. UBS Group upped their target price 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 raised their price target on The PNC Financial Services Group from $215.00 to $228.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Finally, Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $222.06.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC opened at $215.79 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $84.63 billion, a P/E ratio of 13.94, a PEG ratio of 0.93 and a beta of 0.99. The stock has a 50-day moving average price of $200.11 and a 200-day moving average price of $196.59. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $220.54.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The company 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 PNC Financial Services Group’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.49 EPS. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Tuesday, January 20th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.