Point72 Hong Kong Ltd Sells 1,615 Shares of PNC Financial Services Group Inc (NYSE:PNC)

Point72 Hong Kong Ltd reduced its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 25.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 4,826 shares of the financial services provider’s stock after selling 1,615 shares during the period. Point72 Hong Kong Ltd’s holdings in PNC Financial Services Group were worth $663,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Penserra Capital Management LLC purchased a new position in PNC Financial Services Group during the 1st quarter worth $25,000. IMA Wealth Inc. purchased a new position in PNC Financial Services Group during the 1st quarter worth $25,000. Westside Investment Management Inc. purchased a new position in PNC Financial Services Group during the 2nd quarter worth $29,000. Meridian Wealth Management LLC purchased a new position in PNC Financial Services Group during the 1st quarter worth $33,000. Finally, Redhawk Wealth Advisors Inc. purchased a new position in PNC Financial Services Group during the 2nd quarter worth $40,000. 80.76% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Gregory H. Kozich sold 10,000 shares of PNC Financial Services Group stock in a transaction on Friday, July 19th. The stock was sold at an average price of $139.82, for a total value of $1,398,200.00. Following the transaction, the insider now directly owns 20,080 shares in the company, valued at approximately $2,807,585.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 75,000 shares of PNC Financial Services Group stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $140.63, for a total value of $10,547,250.00. Following the completion of the transaction, the chief executive officer now owns 657,179 shares in the company, valued at $92,419,082.77. The disclosure for this sale can be found here. Insiders sold a total of 158,374 shares of company stock worth $22,168,172 over the last quarter. Company insiders own 0.37% of the company’s stock.



Shares of NYSE:PNC traded down $0.12 on Friday, reaching $140.88. The company had a trading volume of 4,214,580 shares, compared to its average volume of 1,900,273. PNC Financial Services Group Inc has a 52-week low of $108.45 and a 52-week high of $144.77. The firm’s 50 day simple moving average is $131.61 and its 200-day simple moving average is $132.53. The firm has a market capitalization of $62.87 billion, a PE ratio of 13.15, a PEG ratio of 1.84 and a beta of 1.11. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27.

PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 period last year, the business posted $2.72 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts predict that PNC Financial Services Group Inc will post 11.25 earnings per share for the current year.

Several research analysts have commented on the company. Robert W. Baird set a $141.00 price objective on PNC Financial Services Group and gave the stock a “buy” rating in a report on Monday, August 26th. JPMorgan Chase & Co. raised their price objective on PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. ValuEngine upgraded PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley set a $141.00 price objective on PNC Financial Services Group and gave the stock a “hold” rating in a report on Friday, August 9th. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $143.22.

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.

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

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