During the third quarter, Shell Asset Management Co. reduced its holdings in The PNC Financial Services Group by 21.5%, according to the most recent 13F filing that the company made with the Securities and Exchange Commission. The company sold 6,823 shares, leaving a total of 24,948 shares held in the financial services provider with an investment value of $3,728,000 at the end of the most recent reporting period. This follows a trend of several other notable investors who have cut back on their stock holdings in the company.
In contrast, Price T. Rowe Associates INC (MD) increased the total amount of The PNC Financial Services Group stock they owned to a level that was 21.5% higher than before during the second quarter. They now own a total of 13,413,715 shares, worth $2,116,282,000. During the same period, Northern Trust Corporation increased their proportion of PNC Financial Services Group stock by 2.3% with 4,951,908 shares, worth $781.263 million.
Moreover, Wells Fargo & Company, Minnesota, increased the amount of stock it owned in The PNC Financial Services Group by 10.3% over the second quarter. They now hold a total of 2,280,454 of the company’s shares, which corresponds to a market capitalization of $359,788,000. Similarly, Charles Schwab Investment Management INC increased the amount of stock they owned in The PNC Financial Services Group by 2.5% over the first quarter, with a total of 2,124,027 shares worth $391,778,000. Finally, Deutsche Bank AG increased the proportion of The PNC Financial Services Group’s stock by an additional 22.9%, owning a total of 2,089,735 shares, valued at $329,698,000 at the current market price.
The majority of the company’s stock is owned by institutional investors and hedge funds, accounting for 82.05% of the total. On January 20, 2019, William S. Demchak, Chief Executive Officer of PNC Financial Services Group, purchased 6,550 shares at an average price of $153.38 per share, bringing the total cost to $1,004,639.00. After the transaction, the Chief Executive Officer now owns 482,924 company shares, which have a value of $74,070,883.12.
Recently, PNC’s shares have been the subject of several equity analysts’ commentary. Compass Point stated that they would be decreasing their price target on The PNC Financial Services Group shares to $160.00, and Morgan Stanley downgraded the company from an “underweight” rating to a “neutral” rating, with a lower price objective for the stock at $163.00. Odeon Capital Group upgraded the company from a “hold” rating to a “buy” rating, with a price objective of $176.27. Citigroup has also increased its price objective on the shares of The PNC Financial Services Group to $180.00. Robert W. Baird lowered their price objective on shares of The PNC Financial Services Group from $210.00 to $205.00 and rated the company as “outperforming.”
Two equity research experts have suggested that the company’s shares be sold, while six others have rated the stock as having a “hold” status, and the final six have rated the stock as having a “buy” status. Overall, the company’s stock holdings and price objective have fluctuated over the years.
