PNC Financial Services Group, Inc. (The) (PNC) Shares Sold by United Services Automobile Association

United Services Automobile Association lowered its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 13.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 615,568 shares of the financial services provider’s stock after selling 98,440 shares during the period. United Services Automobile Association owned 0.13% of PNC Financial Services Group, Inc. (The) worth $74,016,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans boosted its stake in PNC Financial Services Group, Inc. (The) by 2.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 16,914 shares of the financial services provider’s stock valued at $1,978,000 after buying an additional 404 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in PNC Financial Services Group, Inc. (The) by 0.4% in the fourth quarter. Westwood Holdings Group Inc. now owns 87,652 shares of the financial services provider’s stock valued at $10,252,000 after buying an additional 337 shares during the last quarter. Appaloosa LP boosted its stake in PNC Financial Services Group, Inc. (The) by 218.6% in the fourth quarter. Appaloosa LP now owns 1,950,973 shares of the financial services provider’s stock valued at $228,186,000 after buying an additional 1,338,528 shares during the last quarter. Norges Bank bought a new stake in PNC Financial Services Group, Inc. (The) during the fourth quarter valued at about $479,996,000. Finally, Dodge & Cox bought a new stake in PNC Financial Services Group, Inc. (The) during the fourth quarter valued at about $2,433,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded down 2.08% during mid-day trading on Thursday, hitting $128.99. 2,651,970 shares of the stock were exchanged. PNC Financial Services Group, Inc. has a 12 month low of $84.60 and a 12 month high of $133.26. The stock has a market cap of $61.81 billion, a price-to-earnings ratio of 16.42 and a beta of 0.93. The company has a 50-day moving average price of $126.80 and a 200-day moving average price of $123.18.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.08. The business 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 return on equity of 9.17% and a net margin of 24.50%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.82 EPS. Equities analysts expect that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

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

The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, July 13th. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.33%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is currently 38.12%.

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PNC has been the topic of several recent analyst reports. Hilliard Lyons upgraded shares of PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and reduced their price objective for the company from $127.00 to $123.00 in a research report on Monday, April 17th. Rafferty Capital Markets cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 price objective on the stock. in a research report on Monday, April 17th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Piper Jaffray Companies cut their target price on shares of PNC Financial Services Group, Inc. (The) from $136.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, April 18th. Finally, Instinet raised their target price on shares of PNC Financial Services Group, Inc. (The) from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $122.57.

In other news, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (The) Company 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.

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

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