Payden & Rygel Sells 48,800 Shares of The PNC Financial Services Group, Inc $PNC

Payden & Rygel lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 97.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,440 shares of the financial services provider’s stock after selling 48,800 shares during the quarter. Payden & Rygel’s holdings in The PNC Financial Services Group were worth $320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Highland Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in The PNC Financial Services Group in the 2nd quarter worth $28,000. Wilkerson Advisory Group LLC raised its position in shares of The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 71 shares in the last quarter. NBT Bank N A NY raised its stake in shares of The PNC Financial Services Group by 96.3% in the 1st quarter. NBT Bank N A NY now owns 157 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 77 shares in the last quarter. Finally, Archer Investment Corp bought a new position in shares of The PNC Financial Services Group during the second quarter worth about $33,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on PNC. TD Cowen decreased their price objective on shares of The PNC Financial Services Group from $245.00 to $240.00 and set a “hold” rating for the company in a report on Friday, October 16th. Keefe, Bruyette & Woods reduced their price objective on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a report on Friday, October 16th. Citigroup decreased their target price on The PNC Financial Services Group from $290.00 to $270.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Morgan Stanley lowered their target price on The PNC Financial Services Group from $278.00 to $273.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. Finally, Wolfe Research assumed coverage on The PNC Financial Services Group in a report on Tuesday. They issued a “peer perform” rating on the stock. Seventeen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $266.17.

The PNC Financial Services Group Stock Down 1.7%

PNC opened at $227.88 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market capitalization of $90.91 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.20 and a beta of 0.94. The business has a 50-day moving average of $230.03 and a 200-day moving average of $228.88. The PNC Financial Services Group, Inc has a fifty-two week low of $177.08 and a fifty-two week high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, beating the consensus estimate of $4.91 by $0.18. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter last year, the company posted $4.35 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.22 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 42.58%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is owned by corporate insiders.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.