The PNC Financial Services Group, Inc. (NYSE:PNC) Holdings Lessened by Argyle Capital Management Inc.

Argyle Capital Management Inc. cut its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,518 shares of the financial services provider’s stock after selling 825 shares during the quarter. The PNC Financial Services Group accounts for 2.4% of Argyle Capital Management Inc.’s portfolio, making the stock its 7th largest position. Argyle Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $6,011,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PNC. International Assets Investment Management LLC boosted its stake in shares of The PNC Financial Services Group by 12,940.0% during the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock valued at $99,262,000 after buying an additional 532,871 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in The PNC Financial Services Group by 160.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after acquiring an additional 433,178 shares during the last quarter. Jennison Associates LLC grew its holdings in The PNC Financial Services Group by 38.4% during the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock worth $169,891,000 after acquiring an additional 291,769 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock worth $71,163,000 after purchasing an additional 276,200 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after purchasing an additional 262,654 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $190.27, for a total transaction of $236,315.34. Following the sale, the chief executive officer now directly owns 544,765 shares of the company’s stock, valued at $103,652,436.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $190.27, for a total value of $236,315.34. Following the completion of the sale, the chief executive officer now owns 544,765 shares in the company, valued at approximately $103,652,436.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 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. Over the last 90 days, insiders have sold 25,521 shares of company stock worth $4,631,855. 0.42% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PNC shares. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. Citigroup upped their price target on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Evercore ISI raised their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group reduced their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Two 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 MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $185.71.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock traded down $1.69 on Tuesday, hitting $188.14. The company had a trading volume of 150,984 shares, compared to its average volume of 1,851,959. The PNC Financial Services Group, Inc. has a 52 week low of $111.08 and a 52 week high of $196.64. The company has a market cap of $74.86 billion, a PE ratio of 15.94, a PEG ratio of 1.98 and a beta of 1.14. The business has a 50-day simple moving average of $182.86 and a 200-day simple moving average of $168.53. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion for the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $3.60 EPS. Research analysts expect that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.40%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

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.