Connor Clark & Lunn Investment Management Ltd. Sells 277,975 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 93.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 20,129 shares of the financial services provider’s stock after selling 277,975 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in The PNC Financial Services Group were worth $3,721,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Ascent Group LLC grew its stake in shares of The PNC Financial Services Group by 15.0% during the first quarter. Ascent Group LLC now owns 6,826 shares of the financial services provider’s stock valued at $1,103,000 after buying an additional 889 shares during the last quarter. Paloma Partners Management Co grew its position in The PNC Financial Services Group by 2,084.0% during the 1st quarter. Paloma Partners Management Co now owns 2,184 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 2,084 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in The PNC Financial Services Group by 2.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 647,588 shares of the financial services provider’s stock worth $104,650,000 after purchasing an additional 13,104 shares during the period. Black Maple Capital Management LP bought a new stake in The PNC Financial Services Group in the first quarter valued at approximately $1,875,000. Finally, Interval Partners LP boosted its stake in shares of The PNC Financial Services Group by 22.9% during the first quarter. Interval Partners LP now owns 232,198 shares of the financial services provider’s stock valued at $37,523,000 after purchasing an additional 43,264 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 2.1 %

NYSE:PNC opened at $210.07 on Friday. The PNC Financial Services Group, Inc. has a one year low of $127.15 and a one year high of $214.19. The company’s 50-day simple moving average is $191.01 and its 200 day simple moving average is $174.71. The firm has a market capitalization of $83.35 billion, a P/E ratio of 17.76, a PEG ratio of 2.15 and a beta of 1.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

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

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

Analysts Set New Price Targets

A number of research firms recently commented on PNC. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Stephens increased their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price target 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. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Finally, Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $186.96.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the transaction, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at approximately $101,604,582.17. This represents a 0.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction 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 sale, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,546 shares of company stock worth $5,317,200 in the last quarter. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Company 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.