Trade Report: Today, Orrstown Financial Services Inc. Sold shares of PNC Financial Services Group Inc. (PNC)

Today, Orrstown Financial Services Inc. Sold shares of PNC Financial Services Group Inc. (PNC)

Orrstown Financial Services Inc. cut its stake in PNC Financial Services Group Inc. (NYSE:PNC) by 1.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,608 shares of the company’s stock after selling 390 shares during the period. PNC Financial Services Group accounts for 2.4% of Orrstown Financial Services Inc.’s investment portfolio, making the stock its 3rd largest position. Orrstown Financial Services Inc.’s holdings in PNC Financial Services Group were worth $2,307,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Iowa State Bank purchased a new stake in PNC Financial Services Group during the second quarter valued at about $114,000. Barrett Asset Management LLC raised its stake in PNC Financial Services Group by 162.3% in the second quarter. Barrett Asset Management LLC now owns 1,705 shares of the company’s stock valued at $139,000 after buying an additional 1,055 shares during the period. Enterprise Financial Services Corp raised its stake in PNC Financial Services Group by 5.8% in the second quarter. Enterprise Financial Services Corp now owns 1,797 shares of the company’s stock valued at $146,000 after buying an additional 99 shares during the period. M&R Capital Management Inc. purchased a new stake in PNC Financial Services Group during the second quarter valued at about $146,000. Finally, NEXT Financial Group Inc raised its stake in PNC Financial Services Group by 42.8% in the second quarter. NEXT Financial Group Inc now owns 2,006 shares of the company’s stock valued at $163,000 after buying an additional 601 shares during the period. Hedge funds and other institutional investors own 80.90% of the company’s stock.

Shares of PNC Financial Services Group Inc. (NYSE:PNC) traded down 2.03% during mid-day trading on Monday, reaching $109.80. 2,183,312 shares of the company’s stock traded hands. The firm’s 50-day moving average is $98.79 and its 200 day moving average is $89.39. The firm has a market cap of $53.42 billion, a price-to-earnings ratio of 15.27 and a beta of 0.82. PNC Financial Services Group Inc. has a one year low of $77.40 and a one year high of $112.07.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 14th. The company reported $1.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.06. The business had revenue of $3.83 billion for the quarter. PNC Financial Services Group had a net margin of 23.77% and a return on equity of 9.04%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.90 EPS. Analysts predict that PNC Financial Services Group Inc. will post $7.16 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 7th. Investors of record on Monday, October 17th were paid a dividend of $0.55 per share. The ex-dividend date was Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.99%. PNC Financial Services Group’s payout ratio is 30.51%.

Several research analysts recently commented on the stock. Bank of America Corp. set a $100.00 price target on shares of PNC Financial Services Group and gave the stock a “buy” rating in a research note on Wednesday, September 7th. Vetr raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $94.63 price target on the stock in a research note on Wednesday, October 12th. Argus raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $88.03 to $98.00 in a research note on Monday, October 17th. Zacks Investment Research raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Tuesday, October 18th. Finally, RBC Capital Markets reaffirmed a “buy” rating and issued a $95.00 price target on shares of PNC Financial Services Group in a research note on Thursday, November 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the company. PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $97.20.

In related news, CEO William S. Demchak sold 179,809 shares of the company’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $107.61, for a total transaction of $19,349,246.49. Following the sale, the chief executive officer now directly owns 531,755 shares in the company, valued at $57,222,155.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 82,500 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $95.31, for a total transaction of $7,863,075.00. Following the sale, the chief executive officer now owns 476,255 shares in the company, valued at $45,391,864.05. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.

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