Morningstar Investment Management LLC Cuts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Morningstar Investment Management LLC lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 72.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,439 shares of the financial services provider’s stock after selling 8,926 shares during the quarter. Morningstar Investment Management LLC’s holdings in The PNC Financial Services Group were worth $663,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Winch Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $25,000. Richardson Financial Services Inc. raised its stake 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 shares of The PNC Financial Services Group in the 4th quarter valued at $30,000. Synergy Asset Management LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $32,000. Finally, Valley Wealth Managers Inc. raised its stake in shares of The PNC Financial Services Group by 20,000.0% in the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $216.01, for a total transaction of $268,284.42. Following the completion of the transaction, the chief executive officer now directly owns 533,765 shares of the company’s stock, valued at $115,298,577.65. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 13,662 shares of company stock valued at $2,730,549 in the last ninety days. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNC. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Piper Sandler lifted their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point lifted their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Barclays lifted their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Stephens reaffirmed an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $205.00.

The PNC Financial Services Group Trading Down 1.2 %

NYSE PNC opened at $194.19 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $196.55 and a 200-day simple moving average of $191.49. The firm has a market capitalization of $77.05 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.59 and a beta of 1.16. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion during 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 PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $3.16 EPS. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

The PNC Financial Services Group 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.