Park National Corp OH Sells 3,620 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Park National Corp OH decreased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,531 shares of the financial services provider’s stock after selling 3,620 shares during the quarter. Park National Corp OH’s holdings in The PNC Financial Services Group were worth $6,013,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Bank & Trust Co purchased a new position in The PNC Financial Services Group during the 2nd quarter worth $26,000. ORG Partners LLC boosted its holdings in The PNC Financial Services Group by 203.7% in 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 last quarter. LRI Investments LLC acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at about $28,000. Palisade Asset Management LLC purchased a new position in The PNC Financial Services Group during the first quarter worth approximately $29,000. Finally, Core Wealth Advisors Inc. purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $31,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $179.40 on Thursday. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $187.78. The stock has a market capitalization of $71.31 billion, a P/E ratio of 15.06, a P/E/G ratio of 2.01 and a beta of 1.14. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The business has a 50-day moving average price of $178.14 and a two-hundred day moving average price of $164.75.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the prior year, the business earned $3.36 EPS. The PNC Financial Services Group’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts predict that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Royal Bank of Canada increased their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Finally, Barclays increased their price target on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. 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 stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $177.65.

Insiders Place Their Bets

In other news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $186.45, for a total value of $231,570.90. Following the completion of the sale, the chief executive officer now owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the transaction, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The disclosure for this sale can be found here. Insiders sold a total of 26,465 shares of company stock valued at $4,681,565 over the last ninety days. 0.42% of the stock is currently owned by company insiders.

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.