Federated Hermes Inc. Sells 322,754 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Federated Hermes Inc. decreased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 14.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,885,869 shares of the financial services provider's stock after selling 322,754 shares during the quarter. The PNC Financial Services Group accounts for about 0.8% of Federated Hermes Inc.'s portfolio, making the stock its 17th largest position. Federated Hermes Inc. owned approximately 0.48% of The PNC Financial Services Group worth $363,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. Norges Bank bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $1,352,151,000. Schroder Investment Management Group raised its position in shares of The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after purchasing an additional 860,554 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of The PNC Financial Services Group by 10.7% during the 4th 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 purchasing an additional 726,115 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of The PNC Financial Services Group by 22.5% in the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider's stock valued at $746,435,000 after purchasing an additional 710,311 shares during the period. Finally, Franklin Resources Inc. increased its stake in 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 purchasing an additional 549,278 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on PNC shares. Stephens reaffirmed an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. The Goldman Sachs Group reduced their target price on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Truist Financial dropped their price target on The PNC Financial Services Group from $216.00 to $208.00 and set a "hold" rating on the stock in a research note on Friday, April 4th. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Finally, Barclays lifted their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $203.47.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded down $0.69 during mid-day trading on Friday, hitting $151.47. The stock had a trading volume of 1,290,731 shares, compared to its average volume of 1,956,267. The company's 50 day simple moving average is $179.25 and its 200 day simple moving average is $190.38. The stock has a market cap of $59.95 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 1.55 and a beta of 1.04. 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 PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 11.12% and a net margin of 17.10%. The business's revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $3.16 earnings per share. On average, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be issued a $1.60 dividend. The ex-dividend date is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 4.23%. The PNC Financial Services Group's dividend payout ratio is currently 46.55%.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, January 24th. The stock was 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 owns 523,829 shares in the company, valued at $102,759,534.93. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 12,420 shares of company stock valued at $2,276,870 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Profile

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.