The PNC Financial Services Group, Inc $PNC Position Lessened by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 37.6% in the fourth quarter, HoldingsChannel reports. The firm owned 135,092 shares of the financial services provider’s stock after selling 81,241 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in The PNC Financial Services Group were worth $28,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares in the company, valued at $4,415,066.67. This represents a 18.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 in the last ninety days. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNC. Truist Financial boosted 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 report on Thursday, December 18th. Oppenheimer lowered their price target on The PNC Financial Services Group from $284.00 to $263.00 and set an “outperform” rating on the stock in a report on Friday. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday. Finally, Wells Fargo & Company raised their target price 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $235.94.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $201.53 on Tuesday. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $243.94. The firm has a market cap of $81.29 billion, a P/E ratio of 12.15, a PEG ratio of 0.90 and a beta of 0.98. The stock has a fifty day moving average price of $218.47 and a two-hundred day moving average price of $205.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data 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 company had revenue of $6.07 billion for the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.77 EPS. Research 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 firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders 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 3.4%. The PNC Financial Services Group’s payout ratio is 40.99%.

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.