Wheatland Advisors Inc. Decreases Stock Holdings in PNC Financial Services Group Inc (NYSE:PNC)

Wheatland Advisors Inc. trimmed its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 6.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,031 shares of the financial services provider’s stock after selling 586 shares during the period. Wheatland Advisors Inc.’s holdings in PNC Financial Services Group were worth $1,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in the stock. Brightworth raised its holdings in PNC Financial Services Group by 4.1% during the 2nd quarter. Brightworth now owns 1,784 shares of the financial services provider’s stock valued at $245,000 after buying an additional 70 shares during the period. Holistic Financial Partners increased its stake in PNC Financial Services Group by 3.9% in the first quarter. Holistic Financial Partners now owns 2,139 shares of the financial services provider’s stock worth $262,000 after purchasing an additional 80 shares during the period. Nelson Roberts Investment Advisors LLC increased its stake in PNC Financial Services Group by 14.8% in the second quarter. Nelson Roberts Investment Advisors LLC now owns 637 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 82 shares during the period. Western Wealth Management LLC increased its stake in PNC Financial Services Group by 3.8% in the second quarter. Western Wealth Management LLC now owns 2,253 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 83 shares during the period. Finally, Independence Bank of Kentucky increased its stake in PNC Financial Services Group by 3.7% in the first quarter. Independence Bank of Kentucky now owns 2,365 shares of the financial services provider’s stock worth $290,000 after purchasing an additional 85 shares during the period. Institutional investors own 81.83% of the company’s stock.

In other news, CEO William S. Demchak sold 75,000 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $140.63, for a total transaction of $10,547,250.00. Following the transaction, the chief executive officer now owns 657,179 shares of the company’s stock, valued at approximately $92,419,082.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Karen L. Larrimer sold 7,806 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $142.27, for a total value of $1,110,559.62. Following the transaction, the insider now directly owns 30,978 shares in the company, valued at approximately $4,407,240.06. The disclosure for this sale can be found here. Insiders have sold a total of 141,242 shares of company stock worth $19,853,468 in the last three months. Corporate insiders own 0.37% of the company’s stock.



Shares of PNC traded down $3.33 during midday trading on Friday, reaching $123.09. 1,533,207 shares of the stock were exchanged, compared to its average volume of 2,116,071. PNC Financial Services Group Inc has a 52 week low of $108.45 and a 52 week high of $147.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The company’s 50 day moving average is $136.25 and its two-hundred day moving average is $131.34. The company has a market capitalization of $56.29 billion, a P/E ratio of 11.49, a PEG ratio of 1.65 and a beta of 1.07.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.05. PNC Financial Services Group had a return on equity of 11.10% and a net margin of 25.46%. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the prior year, the company earned $2.72 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts expect that PNC Financial Services Group Inc will post 11.28 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Friday, July 19th were given a dividend of $1.15 per share. This is an increase from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, July 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.74%. PNC Financial Services Group’s dividend payout ratio is presently 42.95%.

A number of research firms have weighed in on PNC. Morgan Stanley set a $141.00 target price on PNC Financial Services Group and gave the stock a “hold” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their target price on PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, ValuEngine lowered PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $143.41.

PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Further Reading: Rule of 72

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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