Erste Asset Management GmbH Lowers Holdings in The PNC Financial Services Group, Inc $PNC

Erste Asset Management GmbH trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 72.1% during the 4th quarter, Holdings Channel reports. The fund owned 7,910 shares of the financial services provider’s stock after selling 20,461 shares during the period. Erste Asset Management GmbH’s holdings in The PNC Financial Services Group were worth $1,677,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. State Street Corp increased its position in shares of The PNC Financial Services Group by 0.5% during the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock valued at $3,464,462,000 after purchasing an additional 85,291 shares during the last quarter. Capital International Investors increased its position in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its position in The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after acquiring an additional 30,078 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PNC. Truist Financial upped their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research report on Thursday, April 16th. Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $243.11.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $232.81 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $93.49 billion, a PE ratio of 13.53, a P/E/G ratio of 0.96 and a beta of 0.92. The business has a 50-day simple moving average of $219.76 and a two-hundred day simple moving average of $215.62. The PNC Financial Services Group, Inc has a fifty-two week low of $172.73 and a fifty-two week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter last year, the company earned $3.51 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, equities 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 39.51%.

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.