HM Payson & Co. Reduces Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

HM Payson & Co. cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,598 shares of the financial services provider’s stock after selling 228 shares during the quarter. HM Payson & Co.’s holdings in The PNC Financial Services Group were worth $480,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank & Trust Co purchased a new stake in The PNC Financial Services Group in the second quarter valued at $26,000. ORG Partners LLC boosted its stake 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 worth $26,000 after acquiring an additional 110 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter worth about $28,000. Palisade Asset Management LLC purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter worth about $29,000. Finally, Y.D. More Investments Ltd purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $33,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $171.80, for a total transaction of $213,375.60. Following the completion of the transaction, the chief executive officer now directly owns 557,185 shares of the company’s stock, valued at $95,724,383. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,279 shares of company stock valued at $2,418,591. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PNC. Barclays increased their target price on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 16th. Citigroup upped their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, UBS Group upped their price target on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $185.71.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $187.15 on Friday. The firm has a 50 day simple moving average of $183.94 and a 200-day simple moving average of $169.34. The PNC Financial Services Group, Inc. has a 1-year low of $114.51 and a 1-year high of $196.64. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $74.39 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $3.60 EPS. On average, analysts expect that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.42%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

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.