Cigna Investments Inc. New Has $762,000 Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cigna Investments Inc. New trimmed its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,121 shares of the financial services provider’s stock after selling 54 shares during the period. Cigna Investments Inc. New’s holdings in The PNC Financial Services Group were worth $762,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Bank & Trust Co bought a new stake in The PNC Financial Services Group during the 2nd quarter worth about $26,000. ORG Partners LLC grew its position 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 buying an additional 110 shares during the period. LRI Investments LLC bought a new stake in shares of The PNC Financial Services Group during the first quarter worth approximately $28,000. Palisade Asset Management LLC acquired a new position in The PNC Financial Services Group in the first quarter valued at approximately $29,000. Finally, Y.D. More Investments Ltd bought a new position in The PNC Financial Services Group in the second quarter valued at approximately $33,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Down 0.6 %

PNC stock opened at $187.15 on Friday. 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 stock has a market capitalization of $74.39 billion, a P/E ratio of 15.82, a P/E/G ratio of 2.02 and a beta of 1.14. The PNC Financial Services Group, Inc. has a fifty-two week low of $114.51 and a fifty-two week high of $196.64. The business has a 50-day moving average of $183.94 and a 200-day moving average of $169.34.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion during 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 in the prior year, the firm posted $3.60 EPS. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.34 earnings per share 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 given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PNC. The Goldman Sachs Group dropped their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Royal Bank of Canada upped their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Barclays raised their target price on The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Stephens upped their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Two equities 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 company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus target price of $185.71.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now directly owns 915 shares in the company, valued at $170,299.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the sale, the director now owns 915 shares in the company, valued at $170,299.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the completion of the transaction, the chief executive officer now directly owns 558,427 shares of the company’s stock, valued at $94,994,016.97. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,279 shares of company stock worth $2,418,591. Insiders own 0.42% of the company’s stock.

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.