Socorro Asset Management LP Sells 15,417 Shares of The PNC Financial Services Group, Inc $PNC

Socorro Asset Management LP lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.0% in the first quarter, HoldingsChannel reports. The fund owned 37,655 shares of the financial services provider’s stock after selling 15,417 shares during the quarter. The PNC Financial Services Group makes up approximately 3.5% of Socorro Asset Management LP’s holdings, making the stock its 10th largest holding. Socorro Asset Management LP’s holdings in The PNC Financial Services Group were worth $7,836,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNC. KCM Investment Advisors LLC grew its position in The PNC Financial Services Group by 11.1% in the 1st quarter. KCM Investment Advisors LLC now owns 1,955 shares of the financial services provider’s stock valued at $407,000 after purchasing an additional 196 shares during the period. Quantinno Capital Management LP raised its holdings in The PNC Financial Services Group by 77.7% during the first quarter. Quantinno Capital Management LP now owns 284,670 shares of the financial services provider’s stock worth $59,237,000 after buying an additional 124,480 shares during the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of The PNC Financial Services Group in the first quarter valued at $12,659,000. SummitTX Capital L.P. lifted its stake in shares of The PNC Financial Services Group by 4.2% in the first quarter. SummitTX Capital L.P. now owns 6,668 shares of the financial services provider’s stock valued at $1,388,000 after buying an additional 267 shares in the last quarter. Finally, Family Manage LLC grew its holdings in shares of The PNC Financial Services Group by 7.7% during the first quarter. Family Manage LLC now owns 1,337 shares of the financial services provider’s stock valued at $278,000 after buying an additional 96 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PNC. UBS Group upped their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Citigroup boosted their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Royal Bank Of Canada increased their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Argus raised their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Finally, Bank of America lifted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.48.

Insider Buying and Selling

In related news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $249.52 on Tuesday. The stock has a fifty day simple moving average of $237.62 and a two-hundred day simple moving average of $225.16. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49. The firm has a market cap of $100.20 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the previous year, the company posted $3.85 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is 44.03%.

The PNC Financial Services Group 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.