abrdn plc Decreases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

abrdn plc decreased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 457,857 shares of the financial services provider’s stock after selling 30,443 shares during the period. abrdn plc’s holdings in The PNC Financial Services Group were worth $88,289,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Winch Advisory Services LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. increased its position in shares of The PNC Financial Services Group by 2,333.3% in the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 140 shares during the period. Albion Financial Group UT purchased a new position in The PNC Financial Services Group in the 4th quarter worth $30,000. Synergy Asset Management LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $32,000. Finally, Financial Life Planners purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $205.98, for a total transaction of $255,827.16. Following the completion of the transaction, the chief executive officer now directly owns 535,007 shares in the company, valued at approximately $110,200,741.86. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,413 shares of company stock valued at $6,037,230 over the last ninety days. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 0.8 %

Shares of NYSE:PNC opened at $199.14 on Wednesday. The firm has a market capitalization of $79.01 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 1.63 and a beta of 1.16. The business’s 50 day moving average price is $199.55 and its 200-day moving average price is $189.97. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick 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 PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $3.16 earnings per share. On average, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be given a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.21%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Analyst Ratings Changes

A number of research firms recently commented on PNC. Evercore ISI lifted their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a report on Friday, January 17th. Citigroup boosted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Stephens reissued an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $205.00.

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.