Groupama Asset Managment Cuts Stock Position in The PNC Financial Services Group, Inc $PNC

Groupama Asset Managment cut its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 9.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 224,652 shares of the financial services provider’s stock after selling 23,004 shares during the quarter. Groupama Asset Managment owned approximately 0.06% of The PNC Financial Services Group worth $46,748,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group during the third quarter valued at approximately $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in The PNC Financial Services Group in the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC grew its holdings in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 71 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Up 0.6%

NYSE PNC opened at $250.21 on Friday. The company has a fifty day simple moving average of $240.24 and a two-hundred day simple moving average of $226.01. The stock has a market cap of $100.48 billion, a P/E ratio of 13.77, a P/E/G ratio of 0.99 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $256.49. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the previous year, the company earned $3.85 earnings per share. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. UBS Group raised their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Citigroup upped their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, Morgan Stanley increased their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.