Aster Capital Management DIFC Ltd Reduces Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Aster Capital Management DIFC Ltd cut its stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 65.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,125 shares of the financial services provider's stock after selling 2,156 shares during the period. Aster Capital Management DIFC Ltd's holdings in The PNC Financial Services Group were worth $217,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PNC. Norges Bank purchased a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $1,352,151,000. Schroder Investment Management Group grew its holdings in The PNC Financial Services Group by 166.1% in the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock valued at $265,436,000 after purchasing an additional 860,554 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of The PNC Financial Services Group by 10.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock valued at $1,453,763,000 after buying an additional 726,115 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of The PNC Financial Services Group by 22.5% during the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider's stock worth $746,435,000 after buying an additional 710,311 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after buying an additional 549,278 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $196.17, for a total transaction of $243,643.14. Following the completion of the sale, the chief executive officer now directly owns 523,829 shares of the company's stock, valued at approximately $102,759,534.93. This represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 12,420 shares of company stock worth $2,276,870 in the last three months. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 0.4 %

The PNC Financial Services Group stock traded down $0.59 during trading on Friday, reaching $151.57. The company had a trading volume of 3,850,177 shares, compared to its average volume of 1,970,491. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock's 50 day moving average price is $178.30 and its two-hundred day moving average price is $190.22. The firm has a market capitalization of $59.98 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analysts' expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.16 EPS. As a group, equities analysts expect 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 company also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 4.22%. The PNC Financial Services Group's dividend payout ratio is presently 46.55%.

Analyst Ratings Changes

Several equities analysts have weighed in on PNC shares. Morgan Stanley dropped their target price on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an "underweight" rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Truist Financial cut their price objective on The PNC Financial Services Group from $216.00 to $208.00 and set a "hold" rating for the company in a research report on Friday, April 4th. Citigroup lowered their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Finally, Barclays raised their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Hold" and a consensus price target of $203.47.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.