The Manufacturers Life Insurance Company Sells 13,242 Shares of The PNC Financial Services Group, Inc $PNC

The Manufacturers Life Insurance Company decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 295,606 shares of the financial services provider’s stock after selling 13,242 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of The PNC Financial Services Group worth $61,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Monetary Solutions Ltd purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group in the third quarter worth approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Financial Life Planners purchased a new position in The PNC Financial Services Group during the 1st quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC grew its position in The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 71 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PNC. Citigroup lifted their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Bank of America boosted their price objective on shares of 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. Royal Bank Of Canada raised their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. Finally, Oppenheimer increased their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the 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 completion of the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock worth $10,694,574 in the last three months. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Trading Down 1.2%

NYSE PNC opened at $248.46 on Thursday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $256.49. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market capitalization of $99.77 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The company’s 50-day simple moving average is $239.02 and its two-hundred day simple moving average is $225.62.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data 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 company had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. During the same period last year, the company posted $3.85 earnings per share. Equities analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

About The PNC Financial Services Group

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.