Prospector Partners LLC Has $25.45 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Prospector Partners LLC decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 126,681 shares of the financial services provider’s stock after selling 5,991 shares during the quarter. The PNC Financial Services Group makes up 3.0% of Prospector Partners LLC’s holdings, making the stock its 4th largest holding. Prospector Partners LLC’s holdings in The PNC Financial Services Group were worth $25,454,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PNC. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.4% during the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after purchasing an additional 521,455 shares in the last quarter. Geode Capital Management LLC lifted its holdings in The PNC Financial Services Group by 1.1% during the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after buying an additional 93,346 shares during the period. Norges Bank bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at $1,477,836,000. Invesco Ltd. increased its holdings in shares of The PNC Financial Services Group by 0.5% in the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after acquiring an additional 26,798 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after acquiring an additional 1,917,530 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction dated 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 owned 18,867 shares in the company, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares in the company, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 14,186 shares of company stock valued at $3,296,973. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Trading Up 0.7%

Shares of NYSE:PNC opened at $232.80 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The stock has a market cap of $91.30 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.96 and a beta of 0.99. The business has a 50-day moving average price of $220.58 and a 200-day moving average price of $202.80.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the prior year, the firm earned $3.77 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 40.99%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PNC. Oppenheimer raised their price objective on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada boosted their price objective on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Finally, Truist Financial raised their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Company 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.