River Road Asset Management LLC Sells 22,277 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

River Road Asset Management LLC lessened its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,538 shares of the financial services provider’s stock after selling 22,277 shares during the quarter. River Road Asset Management LLC’s holdings in The PNC Financial Services Group were worth $31,578,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. BlackRock Inc. increased its stake in The PNC Financial Services Group by 2.6% during the 1st quarter. BlackRock Inc. now owns 27,381,364 shares of the financial services provider’s stock valued at $4,802,964,000 after purchasing an additional 697,663 shares in the last quarter. JPMorgan Chase & Co. increased its stake in The PNC Financial Services Group by 1.2% during the 1st quarter. JPMorgan Chase & Co. now owns 13,342,617 shares of the financial services provider’s stock valued at $2,340,429,000 after purchasing an additional 152,843 shares in the last quarter. Geode Capital Management LLC increased its stake in The PNC Financial Services Group by 2.1% during the 1st quarter. Geode Capital Management LLC now owns 6,230,607 shares of the financial services provider’s stock valued at $1,089,509,000 after purchasing an additional 130,061 shares in the last quarter. Bank of New York Mellon Corp increased its stake in The PNC Financial Services Group by 0.8% during the 1st quarter. Bank of New York Mellon Corp now owns 3,578,430 shares of the financial services provider’s stock valued at $627,692,000 after purchasing an additional 27,452 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in The PNC Financial Services Group by 2.5% during the 1st quarter. UBS Asset Management Americas Inc. now owns 2,220,988 shares of the financial services provider’s stock valued at $389,584,000 after purchasing an additional 53,474 shares in the last quarter. Institutional investors and hedge funds own 81.76% of the company’s stock.

In other news, EVP Michael J. Hannon sold 4,200 shares of the company’s stock in a transaction dated Wednesday, July 21st. The stock was sold at an average price of $184.16, for a total transaction of $773,472.00. Following the sale, the executive vice president now directly owns 47,625 shares in the company, valued at $8,770,620. The sale was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders have sold 4,575 shares of company stock worth $845,141. Company insiders own 0.30% of the company’s stock.

A number of analysts have commented on PNC shares. Wells Fargo & Company boosted their price target on shares of The PNC Financial Services Group from $230.00 to $232.00 and gave the company an “overweight” rating in a research note on Tuesday, May 18th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $192.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. Credit Suisse Group upped their target price on shares of The PNC Financial Services Group from $190.00 to $192.00 and gave the stock a “neutral” rating in a research note on Monday, July 19th. Odeon Capital Group lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research note on Monday, July 19th. Finally, Oppenheimer set a $189.50 target price on shares of The PNC Financial Services Group and gave the stock a “hold” rating in a research note on Friday, July 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $184.20.

NYSE PNC opened at $189.28 on Wednesday. The company has a market cap of $80.42 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 0.51 and a beta of 1.40. The PNC Financial Services Group, Inc. has a 52 week low of $101.58 and a 52 week high of $203.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.64. The firm’s 50-day simple moving average is $188.07 and its two-hundred day simple moving average is $185.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $2.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.77 by ($0.34). The PNC Financial Services Group had a net margin of 32.72% and a return on equity of 12.53%. The business had revenue of $4.67 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period last year, the company earned $8.40 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 14.8 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 5th. Stockholders of record on Friday, July 16th were given a dividend of $1.25 per share. The ex-dividend date was Thursday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.15. This represents a $5.00 annualized dividend and a dividend yield of 2.64%. The PNC Financial Services Group’s dividend payout ratio is currently 78.62%.

The PNC Financial Services Group Profile

PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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