Franklin Resources Inc. Sells 641,073 Shares of The PNC Financial Services Group, Inc $PNC

Franklin Resources Inc. cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,960,172 shares of the financial services provider’s stock after selling 641,073 shares during the quarter. Franklin Resources Inc.’s holdings in The PNC Financial Services Group were worth $1,599,437,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PNC. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group in the 3rd quarter worth about $34,000. Bayforest Capital Ltd increased its position in shares of The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after buying an additional 147 shares during the period. Corundum Trust Company INC bought a new stake in shares of The PNC Financial Services Group during the third quarter valued at about $49,000. Country Trust Bank lifted its holdings in shares of The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after buying an additional 68 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $50,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of several recent analyst reports. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Oppenheimer increased their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Royal Bank Of Canada upped their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Finally, Keefe, Bruyette & Woods increased 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 research report on Tuesday, January 20th. Fifteen equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $234.44.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction dated 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 sale, the executive vice president owned 21,120 shares of the company’s stock, valued at $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The shares were 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 $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 64,186 shares of company stock worth $14,840,973. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Up 0.5%

Shares of PNC opened at $206.27 on Wednesday. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $243.94. The company has a market capitalization of $83.20 billion, a P/E ratio of 12.43, a P/E/G ratio of 0.86 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The firm’s 50 day simple moving average is $221.94 and its 200 day simple moving average is $205.29.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 20.40% and a return on equity of 11.87%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.77 EPS. Sell-side analysts forecast 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 business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s payout ratio is 40.99%.

About The PNC Financial Services Group

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.