Franklin Resources Inc. Sells 641,073 Shares of The PNC Financial Services Group, Inc $PNC

Franklin Resources Inc. lessened its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 7.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,960,172 shares of the financial services provider’s stock after selling 641,073 shares during the period. Franklin Resources Inc. owned approximately 2.03% of The PNC Financial Services Group worth $1,599,437,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Westfuller Advisors LLC bought a new stake in The PNC Financial Services Group during the third quarter worth $34,000. Bayforest Capital Ltd boosted its position in The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the last quarter. Corundum Trust Company INC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $49,000. Country Trust Bank increased its position in shares of The PNC Financial Services Group by 38.9% during the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 68 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $50,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $206.27 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $243.94. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s fifty day moving average price is $221.94 and its two-hundred day moving average price is $205.29. The firm has a market cap of $83.20 billion, a PE ratio of 12.43, a PEG ratio of 0.86 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter in the prior year, the company earned $3.77 EPS. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast 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. Shareholders of record on Tuesday, January 20th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Richard Kevin Bynum sold 7,407 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president directly owned 1,942 shares in the company, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,186 shares of company stock worth $14,840,973 over the last three months. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PNC. Truist Financial lifted their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Oppenheimer raised their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Royal Bank Of Canada lifted 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 report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Fifteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group 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.