Horizon Investments LLC Has $4.74 Million Position in The PNC Financial Services Group, Inc $PNC

Horizon Investments LLC lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 31.9% during the fourth quarter, HoldingsChannel reports. The firm owned 22,879 shares of the financial services provider’s stock after selling 10,707 shares during the quarter. Horizon Investments LLC’s holdings in The PNC Financial Services Group were worth $4,739,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Davis Selected Advisers raised its position in shares of The PNC Financial Services Group by 5.6% during the fourth quarter. Davis Selected Advisers now owns 530,089 shares of the financial services provider’s stock worth $110,645,000 after purchasing an additional 28,272 shares during the period. Danske Bank A S raised its position in shares of The PNC Financial Services Group by 18.4% during the fourth quarter. Danske Bank A S now owns 296,592 shares of the financial services provider’s stock worth $61,908,000 after purchasing an additional 46,105 shares during the period. Mutual Advisors LLC raised its position in shares of The PNC Financial Services Group by 12.4% during the fourth quarter. Mutual Advisors LLC now owns 2,856 shares of the financial services provider’s stock worth $596,000 after purchasing an additional 315 shares during the period. GenTrust LLC raised its position in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. GenTrust LLC now owns 70,486 shares of the financial services provider’s stock worth $14,713,000 after purchasing an additional 311 shares during the period. Finally, Oppenheimer & Co. Inc. raised its position in shares of The PNC Financial Services Group by 101.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 16,150 shares of the financial services provider’s stock worth $3,371,000 after purchasing an additional 8,151 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.1%

NYSE:PNC opened at $220.92 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $89.11 billion, a PE ratio of 12.84, a PEG ratio of 0.92 and a beta of 0.94. The PNC Financial Services Group, Inc has a 52-week low of $163.11 and a 52-week high of $243.94. The stock has a 50-day simple moving average of $213.91 and a 200 day simple moving average of $208.57.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the company earned $3.51 earnings per share. On average, sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNC. Bank of America raised their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. JPMorgan Chase & Co. increased their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial increased their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.72.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 64,186 shares of company stock valued at $14,840,973 in the last ninety days. 0.38% of the stock is owned by company insiders.

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.