The PNC Financial Services Group, Inc $PNC Shares Sold by Prudential PLC

Prudential PLC reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 7.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,618 shares of the financial services provider’s stock after selling 9,907 shares during the quarter. Prudential PLC’s holdings in The PNC Financial Services Group were worth $24,839,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Westfuller Advisors LLC acquired a new position in The PNC Financial Services Group in the third quarter worth approximately $34,000. Financial Life Planners bought a new position in shares of The PNC Financial Services Group in the third quarter valued at $39,000. Bayforest Capital Ltd lifted its position in shares of The PNC Financial Services Group by 237.1% during the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 147 shares during the last quarter. Corundum Trust Company INC bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth $49,000. Finally, Country Trust Bank boosted its stake in shares of The PNC Financial Services Group by 38.9% during the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 68 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PNC. 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. Barclays increased their price target on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Truist Financial lifted 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. Keefe, Bruyette & Woods boosted their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Fifteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Trading Down 0.8%

The PNC Financial Services Group stock opened at $200.98 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94. 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 stock has a market cap of $81.07 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.85 and a beta of 0.98. The company’s fifty day simple moving average is $221.54 and its 200-day simple moving average is $205.28.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The PNC Financial Services Group’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $3.77 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS 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. Stockholders of record on Tuesday, January 20th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the transaction, the executive vice president directly owned 1,942 shares in the company, valued at approximately $448,563.16. The trade was a 79.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 64,186 shares of company stock valued at $14,840,973 over the last 90 days. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group 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.