Dimensional Fund Advisors LP Trims Stock Position in The PNC Financial Services Group, Inc $PNC

Dimensional Fund Advisors LP cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 14.5% in the third quarter, Holdings Channel.com reports. The fund owned 1,988,554 shares of the financial services provider’s stock after selling 337,248 shares during the quarter. Dimensional Fund Advisors LP’s holdings in The PNC Financial Services Group were worth $399,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its position in The PNC Financial Services Group by 12.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock valued at $11,621,000 after purchasing an additional 6,572 shares during the last quarter. US Bancorp DE lifted its position in The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock valued at $57,714,000 after purchasing an additional 34,009 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of The PNC Financial Services Group by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after buying an additional 22,325 shares in the last quarter. National Pension Service boosted its position in shares of The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after purchasing an additional 26,305 shares in the last quarter. Finally, Savant Capital LLC boosted its holdings in The PNC Financial Services Group by 8.7% during the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock worth $17,672,000 after buying an additional 7,064 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $213.91 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The business has a 50 day moving average price of $222.34 and a two-hundred day moving average price of $204.87. The firm has a market cap of $86.28 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 0.89 and a beta of 0.98. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The firm had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.77 earnings per share. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,186 shares of company stock valued at $14,840,973 over the last three months. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PNC has been the topic of a number of research analyst reports. Oppenheimer boosted their target price on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Truist Financial raised their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Royal Bank Of Canada lifted their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.