Third Avenue Management Lowers stake in PNC Financial Services Group Inc (PNC)

PNC Financial Services Group Inc (PNC) : Third Avenue Management reduced its stake in PNC Financial Services Group Inc by 9.74% during the most recent quarter end. The investment management company now holds a total of 643,084 shares of PNC Financial Services Group Inc which is valued at $54,662,140 after selling 69,358 shares in PNC Financial Services Group Inc , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.PNC Financial Services Group Inc makes up approximately 2.31% of Third Avenue Management’s portfolio.

Other Hedge Funds, Including , Tredje Ap-fonden reduced its stake in PNC by selling 3,558 shares or 7.28% in the most recent quarter. The Hedge Fund company now holds 45,326 shares of PNC which is valued at $3,852,710. PNC Financial Services Group Inc makes up approx 0.16% of Tredje Ap-fonden’s portfolio.Cibc Asset Management Inc boosted its stake in PNC in the latest quarter, The investment management firm added 538 additional shares and now holds a total of 49,763 shares of PNC Financial Services Group Inc which is valued at $4,172,628. PNC Financial Services Group Inc makes up approx 0.03% of Cibc Asset Management Inc’s portfolio.Blue Bell Private Wealth Management reduced its stake in PNC by selling 2,254 shares or 71.81% in the most recent quarter. The Hedge Fund company now holds 885 shares of PNC which is valued at $73,145. PNC Financial Services Group Inc makes up approx 0.05% of Blue Bell Private Wealth Management’s portfolio.Rs Investment Management Co boosted its stake in PNC in the latest quarter, The investment management firm added 3,806 additional shares and now holds a total of 303,065 shares of PNC Financial Services Group Inc which is valued at $25,039,230. PNC Financial Services Group Inc makes up approx 0.24% of Rs Investment Management Co’s portfolio.

PNC Financial Services Group Inc opened for trading at $85.98 and hit $86.38 on the upside on Tuesday, eventually ending the session at $85.71, with a gain of 0.21% or 0.18 points. The heightened volatility saw the trading volume jump to 15,03,695 shares. Company has a market cap of $42,119 M.

On the company’s financial health, PNC Financial Services Group Inc reported $1.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Jul 15, 2016. Analyst had a consensus of $1.75. The company had revenue of $3794.00 million for the quarter, compared to analysts expectations of $3826.61 million. The company’s revenue was down -1.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.88 EPS.

Many Wall Street Analysts have commented on PNC Financial Services Group Inc. Shares were Upgraded by Nomura on Jul 7, 2016 to ” Buy” and Lowered the Price Target to $ 84 from a previous price target of $95 .

The PNC Financial Services Group Inc. is a diversified financial services company in the United States. The Company has businesses engaged in retail banking corporate and institutional banking asset management and residential mortgage banking as well as other products and services in its primary geographic markets located in Pennsylvania Ohio New Jersey Michigan Illinois Maryland Indiana North Carolina Florida Kentucky Washington D.C. Delaware Virginia Alabama Missouri Georgia Wisconsin and South Carolina. 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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