Perpetual Ltd Cuts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Perpetual Ltd lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 26.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 8,107 shares of the financial services provider’s stock after selling 2,945 shares during the quarter. Perpetual Ltd’s holdings in The PNC Financial Services Group were worth $1,563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Chesapeake Wealth Management increased its holdings in The PNC Financial Services Group by 4.8% in the 4th quarter. Chesapeake Wealth Management now owns 1,411 shares of the financial services provider’s stock valued at $272,000 after acquiring an additional 65 shares during the last quarter. Ballentine Partners LLC grew its position in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Ballentine Partners LLC now owns 7,679 shares of the financial services provider’s stock valued at $1,481,000 after purchasing an additional 711 shares in the last quarter. Addenda Capital Inc. increased its holdings in shares of The PNC Financial Services Group by 21.0% in the fourth quarter. Addenda Capital Inc. now owns 43,127 shares of the financial services provider’s stock worth $8,317,000 after purchasing an additional 7,491 shares during the last quarter. New Hampshire Trust increased its holdings in shares of The PNC Financial Services Group by 1.7% in the fourth quarter. New Hampshire Trust now owns 13,065 shares of the financial services provider’s stock worth $2,520,000 after purchasing an additional 218 shares during the last quarter. Finally, Amplius Wealth Advisors LLC lifted its position in shares of The PNC Financial Services Group by 10.0% in the fourth quarter. Amplius Wealth Advisors LLC now owns 1,325 shares of the financial services provider’s stock worth $256,000 after buying an additional 120 shares in the last quarter. Institutional investors 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 that occurred on Monday, November 11th. The shares were 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 owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the transaction, the chief executive officer now directly owns 526,313 shares in the company, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,171 shares of company stock valued at $5,768,325. 0.42% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday, October 16th. Stephens restated an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Citigroup increased their price objective 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. Piper Sandler boosted 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 report on Tuesday, December 3rd. Finally, Evercore ISI increased their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $205.00.

The PNC Financial Services Group Stock Up 0.0 %

Shares of PNC opened at $198.59 on Wednesday. The firm has a fifty day moving average price of $201.17 and a 200-day moving average price of $187.72. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $78.80 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.85 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data 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 company had revenue of $5.57 billion during the quarter, compared to analysts’ expectations 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 firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $3.16 EPS. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.03 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s dividend 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.