Oppenheimer Asset Management Inc. Sells 2,679 Shares of PNC Financial Services Group Inc (PNC)

Oppenheimer Asset Management Inc. reduced its stake in PNC Financial Services Group Inc (NYSE:PNC) by 24.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,381 shares of the financial services provider’s stock after selling 2,679 shares during the period. Oppenheimer Asset Management Inc.’s holdings in PNC Financial Services Group were worth $1,130,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Payden & Rygel bought a new position in PNC Financial Services Group during the third quarter worth about $9,650,000. Castine Capital Management LLC lifted its holdings in PNC Financial Services Group by 13.8% during the third quarter. Castine Capital Management LLC now owns 69,341 shares of the financial services provider’s stock worth $9,346,000 after acquiring an additional 8,383 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in PNC Financial Services Group by 3.4% during the third quarter. Asset Management One Co. Ltd. now owns 799,553 shares of the financial services provider’s stock worth $107,734,000 after acquiring an additional 26,504 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in PNC Financial Services Group by 5.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 87,013 shares of the financial services provider’s stock worth $11,727,000 after acquiring an additional 4,220 shares in the last quarter. Finally, Synovus Financial Corp lifted its holdings in PNC Financial Services Group by 10.5% during the third quarter. Synovus Financial Corp now owns 9,466 shares of the financial services provider’s stock worth $1,277,000 after acquiring an additional 901 shares in the last quarter. Institutional investors and hedge funds own 81.57% of the company’s stock.

PNC Financial Services Group Inc (NYSE PNC) traded down $0.86 on Friday, hitting $142.97. The company’s stock had a trading volume of 1,568,400 shares, compared to its average volume of 2,187,960. PNC Financial Services Group Inc has a 1 year low of $113.66 and a 1 year high of $146.24. The firm has a market cap of $68,434.47, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 1.92 and a beta of 0.90. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.92 and a quick ratio of 0.92.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.13 by $0.03. PNC Financial Services Group had a return on equity of 9.29% and a net margin of 24.61%. The firm had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter last year, the business posted $1.84 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. research analysts expect that PNC Financial Services Group Inc will post 8.44 EPS for the current year.

Several research analysts have weighed in on PNC shares. Robert W. Baird reiterated a “buy” rating and set a $135.00 target price on shares of PNC Financial Services Group in a report on Monday, August 28th. Piper Jaffray Companies reiterated a “buy” rating and set a $134.00 target price on shares of PNC Financial Services Group in a report on Sunday, August 27th. Zacks Investment Research upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Tuesday, September 5th. Deutsche Bank reiterated a “hold” rating and set a $136.00 target price (up from $130.00) on shares of PNC Financial Services Group in a report on Tuesday, September 26th. Finally, Nomura lifted their target price on PNC Financial Services Group from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, September 28th. Sixteen analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $136.13.

In related news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $135.00, for a total value of $675,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider E William Parsley III sold 46,307 shares of PNC Financial Services Group stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $143.43, for a total value of $6,641,813.01. Following the completion of the sale, the insider now directly owns 132,544 shares in the company, valued at approximately $19,010,785.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,947 shares of company stock worth $12,543,665. 0.43% of the stock is owned by company insiders.

TRADEMARK VIOLATION NOTICE: “Oppenheimer Asset Management Inc. Sells 2,679 Shares of PNC Financial Services Group Inc (PNC)” was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this news story on another site, it was copied illegally and reposted in violation of US & international copyright law. The original version of this news story can be accessed at https://ledgergazette.com/2017/12/15/oppenheimer-asset-management-inc-sells-2679-shares-of-pnc-financial-services-group-inc-pnc.html.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply