Webster Bank N. A. Has $2.20 Million Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Webster Bank N. A. lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,892 shares of the financial services provider’s stock after selling 1,077 shares during the period. Webster Bank N. A.’s holdings in The PNC Financial Services Group were worth $2,198,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. ORG Partners LLC raised 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 buying an additional 110 shares during the last quarter. Bank & Trust Co bought a new position in The PNC Financial Services Group during the second quarter worth $26,000. LRI Investments LLC bought a new position in The PNC Financial Services Group during the first quarter worth $28,000. Palisade Asset Management LLC bought a new position in The PNC Financial Services Group during the first quarter worth $29,000. Finally, Fortis Group Advisors LLC increased its stake in The PNC Financial Services Group by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PNC. UBS Group lifted their price target on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Barclays lifted their price target on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $177.65.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded up $4.40 during trading hours on Friday, reaching $187.77. The company had a trading volume of 1,386,809 shares, compared to its average volume of 1,851,862. The business has a fifty day moving average price of $178.68 and a 200-day moving average price of $166.16. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $189.17. The firm has a market cap of $74.71 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 2.01 and a beta of 1.14. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.36 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be given a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.41%. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $181.35, for a total transaction of $225,236.70. Following the sale, the chief executive officer now owns 548,491 shares of the company’s stock, valued at $99,468,842.85. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $181.35, for a total value of $225,236.70. Following the transaction, the chief executive officer now directly owns 548,491 shares in the company, valued at approximately $99,468,842.85. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the transaction, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,420 shares of company stock worth $4,212,785 over the last three months. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group 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.