Balentine LLC Sells 805 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Balentine LLC lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 23.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,695 shares of the financial services provider’s stock after selling 805 shares during the quarter. Balentine LLC’s holdings in The PNC Financial Services Group were worth $417,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Norges Bank bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,039,481,000. FMR LLC raised its holdings in shares of The PNC Financial Services Group by 6.7% during the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after acquiring an additional 893,808 shares in the last quarter. International Assets Investment Management LLC grew its stake in The PNC Financial Services Group by 15,539.2% in the fourth quarter. International Assets Investment Management LLC now owns 644,021 shares of the financial services provider’s stock worth $99,727,000 after purchasing an additional 639,903 shares during the period. Invesco Ltd. raised its holdings in The PNC Financial Services Group by 10.4% in the third quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock worth $634,024,000 after purchasing an additional 484,475 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in The PNC Financial Services Group by 44.8% during the third quarter. Envestnet Asset Management Inc. now owns 1,541,886 shares of the financial services provider’s stock valued at $189,297,000 after buying an additional 477,367 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $158.57 on Wednesday. The business has a 50-day simple moving average of $155.68 and a two-hundred day simple moving average of $148.53. The stock has a market cap of $63.10 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.78 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the firm posted $3.98 EPS. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, analysts expect that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 52.06%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNC. The Goldman Sachs Group increased their price target on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. Jefferies Financial Group dropped their price target on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a research note on Wednesday, April 17th. StockNews.com downgraded shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Bank of America lifted their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $157.02.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the transaction, the executive vice president now directly owns 3,502 shares in the company, valued at approximately $545,856.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Profile

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.