The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,220,278 shares of the financial services provider’s stock after selling 31,228 shares during the period. CIBC Private Wealth Group LLC’s holdings in The PNC Financial Services Group were worth $237,564,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of PNC. Norges Bank purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,352,151,000. Schroder Investment Management Group grew its holdings in shares of The PNC Financial Services Group by 166.1% in the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock valued at $265,436,000 after purchasing an additional 860,554 shares in the last quarter. Bank of New York Mellon Corp increased its stake in The PNC Financial Services Group by 22.5% during the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after buying an additional 710,311 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in The PNC Financial Services Group by 88.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock worth $108,217,000 after buying an additional 274,186 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in The PNC Financial Services Group by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock valued at $7,273,794,000 after buying an additional 268,827 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $192.88, for a total transaction of $239,556.96. Following the completion of the sale, the chief executive officer now owns 526,313 shares in the company, valued at $101,515,251.44. This represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 12,420 shares of company stock valued at $2,342,313. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Stephens reiterated 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, January 17th. Piper Sandler upped their target price 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. Wells Fargo & Company decreased their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $204.25.

The PNC Financial Services Group Trading Down 1.8 %

PNC opened at $171.83 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The business’s 50 day moving average is $187.91 and its two-hundred day moving average is $192.10. The firm has a market cap of $68.00 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly 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 net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

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.