Reliant Investment Management LLC Decreases Stake in PNC Financial Services Group Inc (PNC)

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Reliant Investment Management LLC reduced its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 2.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 31,080 shares of the financial services provider’s stock after selling 655 shares during the period. PNC Financial Services Group makes up approximately 3.1% of Reliant Investment Management LLC’s portfolio, making the stock its 10th largest position. Reliant Investment Management LLC’s holdings in PNC Financial Services Group were worth $4,199,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. HC Financial Advisors Inc. bought a new position in shares of PNC Financial Services Group in the fourth quarter valued at $1,878,000. OLD Dominion Capital Management Inc. lifted its holdings in PNC Financial Services Group by 21.5% during the 1st quarter. OLD Dominion Capital Management Inc. now owns 4,473 shares of the financial services provider’s stock valued at $676,000 after purchasing an additional 791 shares during the last quarter. Hennessy Advisors Inc. lifted its holdings in PNC Financial Services Group by 60.5% during the 1st quarter. Hennessy Advisors Inc. now owns 15,250 shares of the financial services provider’s stock valued at $2,306,000 after purchasing an additional 5,750 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in PNC Financial Services Group by 6.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 17,050 shares of the financial services provider’s stock valued at $2,579,000 after purchasing an additional 989 shares during the last quarter. Finally, D.B. Root & Company LLC lifted its holdings in PNC Financial Services Group by 2.5% during the 1st quarter. D.B. Root & Company LLC now owns 18,960 shares of the financial services provider’s stock valued at $2,867,000 after purchasing an additional 461 shares during the last quarter. 80.98% of the stock is owned by institutional investors.

In other news, EVP Wyk Steven C. Van sold 15,000 shares of PNC Financial Services Group stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $141.09, for a total transaction of $2,116,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Lyons sold 14,000 shares of PNC Financial Services Group stock in a transaction on Thursday, July 19th. The stock was sold at an average price of $140.87, for a total value of $1,972,180.00. Following the sale, the insider now directly owns 124,841 shares of the company’s stock, valued at approximately $17,586,351.67. The disclosure for this sale can be found here. Insiders have sold 34,247 shares of company stock valued at $4,830,351 in the last three months. Insiders own 0.38% of the company’s stock.

PNC opened at $143.55 on Friday. PNC Financial Services Group Inc has a fifty-two week low of $119.77 and a fifty-two week high of $163.59. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $67.43 billion, a PE ratio of 15.13, a PEG ratio of 1.32 and a beta of 0.94.

The company also recently announced a quarterly dividend, which was paid on Monday, August 6th. Stockholders of record on Tuesday, July 17th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Monday, July 16th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.65%. This is an increase from PNC Financial Services Group’s previous quarterly dividend of $0.75. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.71%.

Separately, Bank of America raised their price target on PNC Financial Services Group from $166.00 to $168.00 and gave the company a “buy” rating in a report on Friday, May 4th. Eighteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $150.87.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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