Chevy Chase Trust Holdings LLC Trims Stock Holdings in The PNC Financial Services Group, Inc $PNC

Chevy Chase Trust Holdings LLC lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.9% during the third quarter, Holdings Channel reports. The fund owned 205,899 shares of the financial services provider’s stock after selling 8,339 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in The PNC Financial Services Group were worth $41,371,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group in the 3rd quarter valued at about $34,000. Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth about $39,000. Bayforest Capital Ltd grew its holdings in shares of The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after buying an additional 147 shares in the last quarter. Corundum Trust Company INC purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth about $49,000. Finally, Country Trust Bank raised its position in shares of The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after buying an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s 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 sale, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 64,186 shares of company stock worth $14,840,973 over the last ninety days. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $200.98 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $81.07 billion, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 0.84 and a beta of 0.98. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The company has a 50 day moving average price of $221.54 and a 200 day moving average price of $205.28.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share 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 company 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 EPS. The PNC Financial Services Group’s revenue for the quarter was up 9.1% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PNC shares. TD Cowen upped their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Morgan Stanley boosted their price target on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a report on Tuesday, January 20th. Wells Fargo & Company increased 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 note on Tuesday, January 20th. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a report on Monday, February 9th. Finally, Truist Financial upped their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Fifteen 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 stock. Based on data from MarketBeat.com, the stock 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.