PNC Financial Services Group, Inc. (The) (PNC) Position Reduced by Eagle Asset Management Inc.

Eagle Asset Management Inc. decreased its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 335,980 shares of the financial services provider’s stock after selling 5,396 shares during the period. Eagle Asset Management Inc. owned 0.07% of PNC Financial Services Group, Inc. (The) worth $41,953,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. raised its holdings in PNC Financial Services Group, Inc. (The) by 20.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 7,253 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 1,235 shares in the last quarter. Pacad Investment Ltd. raised its holdings in PNC Financial Services Group, Inc. (The) by 742.9% during the second quarter. Pacad Investment Ltd. now owns 5,900 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 5,200 shares in the last quarter. ARGI Investment Services LLC raised its holdings in PNC Financial Services Group, Inc. (The) by 0.7% during the second quarter. ARGI Investment Services LLC now owns 9,318 shares of the financial services provider’s stock worth $1,164,000 after purchasing an additional 67 shares in the last quarter. ARGA Investment Management LP bought a new stake in PNC Financial Services Group, Inc. (The) during the second quarter worth approximately $212,000. Finally, Atwood & Palmer Inc. raised its holdings in PNC Financial Services Group, Inc. (The) by 3.1% during the second quarter. Atwood & Palmer Inc. now owns 187,352 shares of the financial services provider’s stock worth $23,395,000 after purchasing an additional 5,613 shares in the last quarter. 80.80% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) opened at 133.00 on Thursday. PNC Financial Services Group, Inc. has a 1-year low of $87.04 and a 1-year high of $133.69. The company has a 50-day moving average of $127.83 and a 200-day moving average of $123.75. The company has a market cap of $63.73 billion, a PE ratio of 16.93 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.82 EPS. Equities analysts forecast that PNC Financial Services Group, Inc. will post $8.41 EPS for the current year.

PNC Financial Services Group, Inc. (The) announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In other news, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the transaction, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.

Several brokerages recently commented on PNC. Zacks Investment Research cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Monday, July 10th. Jefferies Group LLC reissued a “hold” rating and set a $136.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Thursday, June 8th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $129.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, July 14th. Nomura boosted their target price on PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, July 17th. Finally, Instinet dropped their target price on PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $124.32.

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PNC Financial Services Group, Inc. (The) Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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