Manning & Napier Advisors LLC reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 24.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 84,500 shares of the financial services provider's stock after selling 27,753 shares during the quarter. Manning & Napier Advisors LLC's holdings in The PNC Financial Services Group were worth $16,296,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Winch Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $25,000. Albion Financial Group UT purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $30,000. Valley Wealth Managers Inc. boosted its holdings in shares of The PNC Financial Services Group by 20,000.0% in the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider's stock worth $37,000 after buying an additional 200 shares during the last quarter. Quarry LP boosted its holdings in shares of The PNC Financial Services Group by 141.7% in the second quarter. Quarry LP now owns 290 shares of the financial services provider's stock worth $45,000 after buying an additional 170 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of The PNC Financial Services Group in the third quarter worth approximately $51,000. 83.53% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $208.12, for a total transaction of $258,485.04. Following the completion of the sale, the chief executive officer now directly owns 536,249 shares of the company's stock, valued at approximately $111,604,141.88. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company's stock, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,413 shares of company stock valued at $6,021,569 over the last three months. 0.42% of the stock is owned by company insiders.
The PNC Financial Services Group Price Performance
PNC traded down $0.10 during trading hours on Thursday, hitting $202.08. The company's stock had a trading volume of 1,698,302 shares, compared to its average volume of 2,488,637. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26. The stock has a market cap of $80.18 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 1.59 and a beta of 1.16. The business's 50-day moving average price is $200.11 and its 200-day moving average price is $189.35.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts' consensus estimates of $3.26 by $0.51. The business had revenue of $5.57 billion for 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 revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.16 earnings per share. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group's dividend payout ratio is currently 46.55%.
Wall Street Analyst Weigh In
PNC has been the topic of a number of research reports. The Goldman Sachs Group raised their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Stephens reaffirmed an "equal weight" rating and set a $200.00 price target on shares of The PNC Financial Services Group in a report on Friday, January 17th. Evercore ISI lifted their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a "hold" rating in a report on Friday, January 17th. Finally, Compass Point lifted their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Hold" and a consensus target price of $205.00.
View Our Latest Analysis on The PNC Financial Services Group
The PNC Financial Services Group Profile
(
Free Report)
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.
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