M&T Bank Corp Reduces Stake in PNC Financial Services Group Inc (NYSE:PNC)

M&T Bank Corp reduced its stake in PNC Financial Services Group Inc (NYSE:PNC) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 226,681 shares of the financial services provider’s stock after selling 9,512 shares during the quarter. M&T Bank Corp’s holdings in PNC Financial Services Group were worth $23,849,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PNC. BlackRock Inc. boosted its holdings in PNC Financial Services Group by 1.5% during the 1st quarter. BlackRock Inc. now owns 27,504,436 shares of the financial services provider’s stock valued at $2,632,724,000 after acquiring an additional 395,883 shares during the period. JPMorgan Chase & Co. boosted its holdings in PNC Financial Services Group by 5.0% during the 1st quarter. JPMorgan Chase & Co. now owns 13,204,468 shares of the financial services provider’s stock valued at $1,263,932,000 after acquiring an additional 627,213 shares during the period. Geode Capital Management LLC boosted its holdings in PNC Financial Services Group by 2.2% during the 1st quarter. Geode Capital Management LLC now owns 6,132,873 shares of the financial services provider’s stock valued at $585,788,000 after acquiring an additional 130,305 shares during the period. Nuveen Asset Management LLC boosted its holdings in PNC Financial Services Group by 2.0% during the 1st quarter. Nuveen Asset Management LLC now owns 4,233,574 shares of the financial services provider’s stock valued at $405,238,000 after acquiring an additional 84,857 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in PNC Financial Services Group by 2.8% during the 1st quarter. Alliancebernstein L.P. now owns 4,121,709 shares of the financial services provider’s stock valued at $394,530,000 after acquiring an additional 112,259 shares during the period. Institutional investors own 80.49% of the company’s stock.

In other news, Director Richard J. Harshman purchased 1,000 shares of the business’s stock in a transaction on Friday, May 15th. The shares were bought at an average price of $97.55 per share, with a total value of $97,550.00. Following the completion of the transaction, the director now directly owns 1,150 shares in the company, valued at approximately $112,182.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

PNC has been the subject of a number of research analyst reports. Bank of America lowered their target price on PNC Financial Services Group from $138.00 to $123.00 and set a “buy” rating for the company in a report on Friday, July 10th. UBS Group lowered PNC Financial Services Group from a “neutral” rating to a “sell” rating and set a $88.00 price target on the stock. in a research report on Monday, May 4th. Wells Fargo & Co increased their price target on PNC Financial Services Group from $121.00 to $148.00 in a research report on Friday, June 5th. Oppenheimer reaffirmed a “hold” rating on shares of PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $120.00 price target on shares of PNC Financial Services Group in a research report on Wednesday, April 8th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $124.21.

Shares of NYSE PNC opened at $106.67 on Friday. The firm has a market capitalization of $45.09 billion, a PE ratio of 6.56, a price-to-earnings-growth ratio of 4.14 and a beta of 1.29. PNC Financial Services Group Inc has a fifty-two week low of $79.41 and a fifty-two week high of $161.79. The stock’s 50-day simple moving average is $105.18 and its 200-day simple moving average is $116.06. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.87 and a current ratio of 0.88.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported ($1.90) EPS for the quarter, missing the consensus estimate of $0.88 by ($2.78). The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.08 billion. PNC Financial Services Group had a return on equity of 5.78% and a net margin of 35.52%. The company’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the firm earned $2.88 EPS. On average, sell-side analysts forecast that PNC Financial Services Group Inc will post 3.67 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Friday, July 17th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 4.31%. The ex-dividend date is Thursday, July 16th. PNC Financial Services Group’s dividend payout ratio (DPR) is 40.39%.

PNC Financial Services Group Company 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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