IAM Advisory LLC Decreases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

IAM Advisory LLC reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.1% during the 4th quarter, Holdings Channel reports. The fund owned 9,954 shares of the financial services provider’s stock after selling 115 shares during the quarter. IAM Advisory LLC’s holdings in The PNC Financial Services Group were worth $1,920,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Mercer Global Advisors Inc. ADV raised its stake in The PNC Financial Services Group by 9.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 29,510 shares of the financial services provider’s stock valued at $4,588,000 after buying an additional 2,670 shares in the last quarter. Blair William & Co. IL lifted its position in shares of The PNC Financial Services Group by 216.5% during the 2nd quarter. Blair William & Co. IL now owns 45,739 shares of the financial services provider’s stock worth $7,112,000 after buying an additional 31,289 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $512,000. Intech Investment Management LLC lifted its position in The PNC Financial Services Group by 65.9% in the second quarter. Intech Investment Management LLC now owns 3,003 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 1,193 shares during the last quarter. Finally, Ieq Capital LLC boosted its stake in The PNC Financial Services Group by 22.0% in the second quarter. Ieq Capital LLC now owns 14,976 shares of the financial services provider’s stock valued at $2,328,000 after acquiring an additional 2,697 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler increased their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday. Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $205.00.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now directly owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,030 shares of company stock worth $5,928,202 over the last three months. 0.42% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $198.36 on Friday. The company has a market capitalization of $78.71 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 1.77 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26. The company’s 50 day simple moving average is $201.40 and its 200 day simple moving average is $187.03.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the firm posted $3.16 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.23%. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.