HighTower Advisors LLC Sells 8,559 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

HighTower Advisors LLC lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 398,043 shares of the financial services provider’s stock after selling 8,559 shares during the period. HighTower Advisors LLC owned approximately 0.10% of The PNC Financial Services Group worth $73,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PNC. Hilltop Holdings Inc. raised its holdings in shares of The PNC Financial Services Group by 63.6% in the 3rd quarter. Hilltop Holdings Inc. now owns 5,904 shares of the financial services provider’s stock valued at $1,091,000 after acquiring an additional 2,295 shares in the last quarter. Cinctive Capital Management LP bought a new position in shares of The PNC Financial Services Group in the third quarter worth approximately $5,706,000. Ascent Group LLC raised its stake in The PNC Financial Services Group by 5.4% in the third quarter. Ascent Group LLC now owns 8,003 shares of the financial services provider’s stock valued at $1,479,000 after purchasing an additional 409 shares in the last quarter. Benjamin Edwards Inc. lifted its position in The PNC Financial Services Group by 956.2% during the third quarter. Benjamin Edwards Inc. now owns 19,043 shares of the financial services provider’s stock valued at $3,522,000 after purchasing an additional 17,240 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in The PNC Financial Services Group in the 3rd quarter worth approximately $231,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $183.74, for a total transaction of $228,205.08. Following the sale, the chief executive officer now directly owns 549,733 shares of the company’s stock, valued at approximately $101,007,941.42. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,788 shares of company stock valued at $5,613,814. 0.42% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PNC shares. Barclays raised their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Evercore ISI upped their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group cut their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $193.96.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $209.02 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The company has a 50-day moving average price of $195.08 and a 200-day moving average price of $177.49. The company has a market cap of $82.93 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 2.21 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 12 month low of $136.40 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.60 EPS. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.06%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

About The PNC Financial Services Group

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.