Manning & Napier Advisors LLC Sells 21,441 Shares of The PNC Financial Services Group, Inc $PNC

Manning & Napier Advisors LLC cut its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 35.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 39,818 shares of the financial services provider’s stock after selling 21,441 shares during the period. Manning & Napier Advisors LLC’s holdings in The PNC Financial Services Group were worth $8,037,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Avior Wealth Management LLC increased its position in The PNC Financial Services Group by 4.5% during the 2nd quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 52 shares during the period. Rockland Trust Co. lifted its holdings in shares of The PNC Financial Services Group by 0.5% in the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock worth $1,957,000 after purchasing an additional 53 shares in the last quarter. Kennebec Savings Bank grew its holdings in shares of The PNC Financial Services Group by 1.6% during the third quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after buying an additional 54 shares during the last quarter. Almanack Investment Partners LLC. raised its stake in shares of The PNC Financial Services Group by 2.3% in the second quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 55 shares during the last quarter. Finally, Winthrop Capital Management LLC boosted its holdings in The PNC Financial Services Group by 2.1% during the 2nd quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock worth $488,000 after acquiring an additional 55 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $215.00 to $228.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. Morgan Stanley upped their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Oppenheimer cut their price target on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Finally, Citigroup upped their price objective on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $222.06.

Insider Activity

In other news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the sale, the executive vice president owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the sale, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC stock opened at $212.65 on Wednesday. The firm has a 50 day moving average of $200.71 and a 200-day moving average of $196.78. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $83.39 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $220.54.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same period last year, the firm earned $3.49 EPS. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

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.