Amalgamated Bank Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Amalgamated Bank decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 76,100 shares of the financial services provider’s stock after selling 1,946 shares during the period. Amalgamated Bank’s holdings in The PNC Financial Services Group were worth $14,676,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PNC. State Street Corp boosted its position in shares of The PNC Financial Services Group by 0.6% in the third quarter. State Street Corp now owns 17,299,381 shares of the financial services provider’s stock valued at $3,197,791,000 after acquiring an additional 100,573 shares during the period. Franklin Resources Inc. raised its stake in The PNC Financial Services Group by 1.2% in the third quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider’s stock valued at $1,939,154,000 after purchasing an additional 123,994 shares in the last quarter. Geode Capital Management LLC lifted its position in The PNC Financial Services Group by 2.0% during the third quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock valued at $1,541,155,000 after purchasing an additional 166,138 shares during the last quarter. Bank of New York Mellon Corp grew its stake in The PNC Financial Services Group by 22.5% in the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after buying an additional 710,311 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of The PNC Financial Services Group by 1.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,950,394 shares of the financial services provider’s stock worth $545,380,000 after buying an additional 42,887 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $209.24, for a total transaction of $259,876.08. Following the transaction, the chief executive officer now directly owns 532,523 shares of the company’s stock, valued at $111,425,112.52. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 13,662 shares of company stock worth $2,713,745 over the last quarter. 0.42% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on PNC. Stephens reiterated an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group boosted their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Compass Point upped their price objective on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Barclays lifted their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average target price of $205.00.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $186.55 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $74.02 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.55 and a beta of 1.16. The firm’s 50 day moving average price is $195.56 and its 200-day moving average price is $192.21. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the firm earned $3.16 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is presently 46.55%.

About The PNC Financial Services Group

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.