Freedom Investment Management Inc. Cuts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Freedom Investment Management Inc. trimmed its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.9% in the third quarter, Holdings Channel reports. The firm owned 2,724 shares of the financial services provider’s stock after selling 201 shares during the period. Freedom Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $503,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. ORG Partners LLC boosted its position in shares of The PNC Financial Services Group by 203.7% in 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 period. Bank & Trust Co purchased a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $26,000. LRI Investments LLC acquired a new stake in The PNC Financial Services Group in the first quarter valued at approximately $28,000. Valley Wealth Managers Inc. raised its stake in shares of The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 200 shares during the period. Finally, Y.D. More Investments Ltd acquired a new position in shares of The PNC Financial Services Group during the second quarter worth $33,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $183.74, for a total value of $228,205.08. Following the sale, the chief executive officer now directly owns 549,733 shares in the company, valued at $101,007,941.42. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares in the company, valued at $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 valued at $5,345,530 in the last quarter. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $214.72 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm’s 50-day moving average price is $194.07 and its two-hundred day moving average price is $176.56. The PNC Financial Services Group, Inc. has a 52-week low of $132.11 and a 52-week high of $216.26. The stock has a market capitalization of $85.20 billion, a P/E ratio of 18.15, a P/E/G ratio of 2.25 and a beta of 1.13.

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

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 2.98%. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.

Analyst Ratings Changes

PNC has been the topic of several analyst reports. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Barclays raised their price objective on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Stephens upped their target price on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Citigroup raised their price target on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $189.15.

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.