William Demchak Sells 50,000 Shares of The PNC Financial Services Group (NYSE:PNC) Stock

The PNC Financial Services Group, Inc (NYSE:PNC) CEO William Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction dated 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 completion of the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $3.09 on Tuesday, reaching $217.68. 1,385,236 shares of the stock were exchanged, compared to its average volume of 2,816,262. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The firm has a market capitalization of $85.36 billion, a PE ratio of 13.12, a PEG ratio of 0.97 and a beta of 0.99. The company’s 50-day simple moving average is $221.59 and its two-hundred day simple moving average is $203.73.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.77 EPS. Analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is presently 40.99%.

Hedge Funds Weigh In On The PNC Financial Services Group

Several large investors have recently made changes to their positions in the business. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the third quarter valued at about $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $29,000. Kemnay Advisory Services Inc. acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, EFG International AG acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $33,000. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on PNC. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada raised their target price on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, The PNC Financial Services Group currently has an average 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.