Macquarie Group Ltd. Trims Holdings in The PNC Financial Services Group, Inc $PNC

Macquarie Group Ltd. trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 57.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 205,660 shares of the financial services provider’s stock after selling 277,192 shares during the quarter. Macquarie Group Ltd. owned about 0.05% of The PNC Financial Services Group worth $42,901,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Quarry LP acquired a new stake in The PNC Financial Services Group during the third quarter worth about $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $29,000. Beacon Financial Strategies CORP acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $35,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the third quarter worth about $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the third quarter worth about $39,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNC has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Truist Financial raised their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. Oppenheimer raised their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Jefferies Financial Group initiated coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 target price on the stock. Finally, Barclays raised their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $243.11.

The PNC Financial Services Group Stock Up 1.5%

Shares of PNC opened at $237.51 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 12 month low of $172.73 and a 12 month high of $243.94. The stock’s 50 day moving average is $220.85 and its two-hundred day moving average is $216.10. The firm has a market cap of $95.38 billion, a P/E ratio of 13.80, a PEG ratio of 0.97 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.51 earnings per share. Analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Insider Buying and Selling

In other news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.38% 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.