The PNC Financial Services Group, Inc $PNC Stake Lowered by Prudential PLC

Prudential PLC trimmed its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 7.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 123,618 shares of the financial services provider’s stock after selling 9,907 shares during the quarter. Prudential PLC’s holdings in The PNC Financial Services Group were worth $24,839,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in PNC. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group during the 3rd quarter worth $34,000. Financial Life Planners acquired a new stake in The PNC Financial Services Group in the third quarter worth $39,000. Bayforest Capital Ltd lifted its stake 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 valued at $42,000 after buying an additional 147 shares during the last quarter. Corundum Trust Company INC acquired a new position in shares of The PNC Financial Services Group during the third quarter valued at $49,000. Finally, Country Trust Bank boosted its holdings in shares of The PNC Financial Services Group by 38.9% during the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 68 shares during the period. Institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction on 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 owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 in the last quarter. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Down 0.8%

Shares of NYSE:PNC opened at $200.98 on Friday. The company has a 50 day moving average of $221.54 and a 200-day moving average of $205.28. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The firm has a market cap of $81.07 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.85 and a beta of 0.98. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data 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 net margin of 20.40% and a return on equity of 11.87%. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same quarter last year, the business earned $3.77 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders 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 annualized dividend and a dividend yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 20th. Barclays raised their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, TD Cowen lifted their price target on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $234.44.

About The PNC Financial Services Group

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.