Kathleen S. Wright Associates Inc. Reduces Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Kathleen S. Wright Associates Inc. decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,166 shares of the financial services provider’s stock after selling 503 shares during the period. Kathleen S. Wright Associates Inc.’s holdings in The PNC Financial Services Group were worth $631,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PNC. Vicus Capital purchased a new stake in shares of The PNC Financial Services Group in the first quarter valued at $300,000. First Bank & Trust grew its position in shares of The PNC Financial Services Group by 5.5% in the first quarter. First Bank & Trust now owns 16,836 shares of the financial services provider’s stock valued at $2,721,000 after purchasing an additional 873 shares during the period. MCF Advisors LLC grew its position in shares of The PNC Financial Services Group by 98.0% in the first quarter. MCF Advisors LLC now owns 6,702 shares of the financial services provider’s stock valued at $1,083,000 after purchasing an additional 3,317 shares during the period. Independence Bank of Kentucky grew its position in shares of The PNC Financial Services Group by 11.9% in the first quarter. Independence Bank of Kentucky now owns 2,316 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 246 shares during the period. Finally, Webster Bank N. A. grew its position in shares of The PNC Financial Services Group by 0.7% in the first quarter. Webster Bank N. A. now owns 13,225 shares of the financial services provider’s stock valued at $2,137,000 after purchasing an additional 94 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the transaction, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PNC shares. JPMorgan Chase & Co. lowered their price objective on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research report on Wednesday, May 1st. Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Jefferies Financial Group lowered their price target on The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating for the company in a research report on Wednesday, April 17th. Bank of America boosted their price target on The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $158.43.

The PNC Financial Services Group Stock Up 2.3 %

Shares of PNC traded up $3.55 during midday trading on Friday, reaching $155.48. 2,706,290 shares of the company were exchanged, compared to its average volume of 1,482,709. The stock has a 50-day moving average price of $155.18 and a 200-day moving average price of $152.91. The company has a market cap of $61.87 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 2.22 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the firm posted $3.98 earnings per share. The company’s revenue was down 8.2% compared to the same quarter last year. Research analysts expect that The PNC Financial Services Group, Inc. will post 12.63 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, May 5th. Investors of record on Monday, April 15th were paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 52.06%.

About The PNC Financial Services Group

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.