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

Freedom Investment Management Inc. decreased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PNC. Bank & Trust Co purchased a new position in The PNC Financial Services Group in the second quarter worth $26,000. ORG Partners LLC grew its stake in shares of The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 110 shares during the period. LRI Investments LLC purchased a new position in shares of The PNC Financial Services Group in the 1st quarter valued at about $28,000. Y.D. More Investments Ltd acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $33,000. Finally, Valley Wealth Managers Inc. grew its position in 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 worth $37,000 after buying an additional 200 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 0.1 %

Shares of PNC opened at $214.72 on Friday. The PNC Financial Services Group, Inc. has a fifty-two week low of $132.11 and a fifty-two week high of $216.26. The stock has a fifty day moving average of $194.07 and a two-hundred day moving average of $176.56. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $85.20 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 2.25 and a beta of 1.13.

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

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 2.98%. The PNC Financial Services Group’s payout ratio is 54.10%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $186.45, for a total transaction of $231,570.90. Following the completion of the sale, the chief executive officer now directly owns 550,975 shares in the company, valued at $102,729,288.75. This represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now owns 915 shares in the company, valued at $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,546 shares of company stock valued at $5,345,530. Insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of a number of research reports. Stephens boosted their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 16th. Finally, Citigroup raised their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus target price of $189.15.

The PNC Financial Services Group Company 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.