Zions Bancorporation N.A. Sells 5,276 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Zions Bancorporation N.A. decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.9% in the second quarter, Holdings Channel.com reports. The fund owned 43,085 shares of the financial services provider’s stock after selling 5,276 shares during the period. The PNC Financial Services Group comprises about 0.5% of Zions Bancorporation N.A.’s holdings, making the stock its 29th biggest position. Zions Bancorporation N.A.’s holdings in The PNC Financial Services Group were worth $6,699,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PNC. ORG Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Bank & Trust Co bought a new position in The PNC Financial Services Group during the second quarter valued at approximately $26,000. LRI Investments LLC purchased a new position in The PNC Financial Services Group during the 1st quarter valued at approximately $28,000. Palisade Asset Management LLC bought a new stake in The PNC Financial Services Group in the 1st quarter worth approximately $29,000. Finally, Fortis Group Advisors LLC raised its holdings in shares of The PNC Financial Services Group by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 100 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,263 shares of company stock worth $4,418,109. Company insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PNC. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Citigroup boosted their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average target price of $176.90.

The PNC Financial Services Group Stock Performance

PNC stock opened at $177.60 on Friday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $185.84. The firm has a market cap of $70.60 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 1.96 and a beta of 1.14. The business’s fifty day simple moving average is $174.75 and its two-hundred day simple moving average is $161.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping the consensus estimate of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.36 EPS. Analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend was Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is currently 53.74%.

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.