Monarch Capital Management Inc. Reduces Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Monarch Capital Management Inc. lessened its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 29.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,252 shares of the financial services provider’s stock after selling 924 shares during the period. Monarch Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $350,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ORG Partners LLC increased its stake in The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 110 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at about $26,000. Bank & Trust Co acquired a new position in The PNC Financial Services Group in the second quarter valued at about $26,000. LRI Investments LLC purchased a new position in The PNC Financial Services Group during the first quarter worth about $28,000. Finally, Palisade Asset Management LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter valued at about $29,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 1.8 %

Shares of PNC traded up $3.18 during midday trading on Friday, reaching $178.10. The stock had a trading volume of 1,753,016 shares, compared to its average volume of 1,905,029. The company has a market cap of $70.79 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.92 and a beta of 1.15. The company’s fifty day simple moving average is $167.38 and its two-hundred day simple moving average is $158.27. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $182.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $3.36 earnings per share. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.59%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Analysts Set New Price Targets

Several brokerages have recently commented on PNC. StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Keefe, Bruyette & Woods boosted their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Barclays increased their target price on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI lifted their target price on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $177.02.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William S. Demchak sold 2,404 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total transaction of $384,640.00. Following the transaction, the chief executive officer now owns 564,637 shares of the company’s stock, valued at $90,341,920. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the sale, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The disclosure for this sale can be found here. Insiders have sold 22,779 shares of company stock worth $3,971,833 over the last three months. Insiders own 0.42% of the company’s stock.

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.