Farmers Trust Co. Cuts Stake in PNC Financial Services Group Inc (NYSE:PNC)

Farmers Trust Co. lowered its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,058 shares of the financial services provider’s stock after selling 258 shares during the period. Farmers Trust Co.’s holdings in PNC Financial Services Group were worth $2,251,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Westside Investment Management Inc. purchased a new position in PNC Financial Services Group in the second quarter valued at about $29,000. Redhawk Wealth Advisors Inc. purchased a new position in PNC Financial Services Group in the second quarter valued at about $40,000. Old North State Trust LLC grew its stake in PNC Financial Services Group by 108.8% in the third quarter. Old North State Trust LLC now owns 307 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 160 shares during the last quarter. Smith Asset Management Group LP grew its stake in PNC Financial Services Group by 508.5% in the second quarter. Smith Asset Management Group LP now owns 359 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 300 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its stake in PNC Financial Services Group by 480.3% in the third quarter. Golden State Wealth Management LLC now owns 383 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 80.82% of the company’s stock.

Shares of NYSE PNC opened at $145.60 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $65.17 billion, a PE ratio of 13.59, a P/E/G ratio of 1.77 and a beta of 1.13. The business has a 50-day simple moving average of $139.56 and a two-hundred day simple moving average of $135.12. PNC Financial Services Group Inc has a fifty-two week low of $108.45 and a fifty-two week high of $146.88.

PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $2.94 EPS for the quarter, topping the Zacks’ consensus estimate of $2.80 by $0.14. PNC Financial Services Group had a return on equity of 10.94% and a net margin of 24.96%. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter in the previous year, the company posted $2.82 earnings per share. The company’s revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts predict that PNC Financial Services Group Inc will post 11.34 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Thursday, October 17th will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Wednesday, October 16th. PNC Financial Services Group’s dividend payout ratio (DPR) is 42.95%.

In other PNC Financial Services Group news, CEO William S. Demchak sold 17,132 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $135.11, for a total value of $2,314,704.52. Following the completion of the transaction, the chief executive officer now directly owns 507,979 shares of the company’s stock, valued at $68,633,042.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph E. Rockey sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $145.00, for a total value of $1,450,000.00. Following the completion of the sale, the executive vice president now owns 18,453 shares of the company’s stock, valued at $2,675,685. The disclosure for this sale can be found here. Insiders have sold 38,379 shares of company stock valued at $5,371,594 in the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Several equities research analysts have weighed in on the company. Barclays set a $158.00 price target on PNC Financial Services Group and gave the stock a “hold” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price target 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. UBS Group raised their price target on PNC Financial Services Group from $142.00 to $146.00 and gave the stock a “neutral” rating in a report on Monday. Zacks Investment Research downgraded PNC Financial Services Group from a “hold” rating to a “sell” rating and set a $147.00 price target for the company. in a report on Tuesday, October 1st. Finally, Robert W. Baird set a $141.00 price target on PNC Financial Services Group and gave the stock a “buy” rating in a report on Monday, August 26th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $143.74.

About PNC Financial Services Group

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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