Wright Investors Service Inc. lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 67.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,194 shares of the financial services provider's stock after selling 6,712 shares during the quarter. Wright Investors Service Inc.'s holdings in The PNC Financial Services Group were worth $616,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in PNC. Valley Wealth Managers Inc. lifted its position in The PNC Financial Services Group by 20,000.0% in the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. Quarry LP raised its stake in shares of The PNC Financial Services Group by 141.7% in the 2nd quarter. Quarry LP now owns 290 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 170 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $51,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of The PNC Financial Services Group by 231.6% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider's stock worth $58,000 after buying an additional 220 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in shares of The PNC Financial Services Group during the third quarter worth about $70,000. Institutional investors and hedge funds own 83.53% of the company's stock.
The PNC Financial Services Group Stock Performance
Shares of PNC traded up $3.38 during trading hours on Tuesday, hitting $195.81. The company had a trading volume of 1,732,594 shares, compared to its average volume of 1,996,376. The business has a fifty day moving average of $201.61 and a 200-day moving average of $186.29. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm has a market cap of $77.69 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 2.11 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same period in the prior year, the firm earned $3.60 EPS. The business's revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The company 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. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.27%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 54.10%.
Wall Street Analyst Weigh In
Several equities research analysts have commented on the company. Piper Sandler boosted their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a "neutral" rating in a research note on Tuesday, December 3rd. Evercore ISI increased their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an "underperform" rating in a research note on Wednesday, October 16th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an "underweight" rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $203.29.
Check Out Our Latest Analysis on PNC
Insider Buying and Selling
In related news, Director Andrew T. Feldstein sold 14,509 shares of the firm's 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 transaction, the director now directly owns 38,649 shares of the company's stock, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $190.57, for a total transaction of $236,687.94. Following the completion of the sale, the chief executive officer now directly owns 546,007 shares of the company's stock, valued at $104,052,553.99. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,272 shares of company stock valued at $6,164,890. Insiders own 0.42% of the company's stock.
About The PNC Financial Services Group
(
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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