Penobscot Investment Management Company Inc. Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Penobscot Investment Management Company Inc. lessened its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,319 shares of the financial services provider’s stock after selling 94 shares during the period. Penobscot Investment Management Company Inc.’s holdings in The PNC Financial Services Group were worth $2,183,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after purchasing an additional 8,081 shares during the period. Fifth Third Wealth Advisors LLC grew its position in The PNC Financial Services Group by 48.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock worth $5,160,000 after buying an additional 8,735 shares during the period. Mn Services Vermogensbeheer B.V. increased its holdings in The PNC Financial Services Group by 2.0% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock valued at $30,202,000 after buying an additional 3,100 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $346,000. Finally, Truist Financial Corp boosted its stake in shares of The PNC Financial Services Group by 1.4% during the 4th quarter. Truist Financial Corp now owns 1,132,634 shares of the financial services provider’s stock worth $218,429,000 after acquiring an additional 15,246 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of several research reports. Compass Point lifted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler lifted their price target on 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. Barclays raised their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. The Goldman Sachs Group reduced their price target on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Citigroup dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $201.65.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $192.15, for a total value of $238,650.30. Following the transaction, the chief executive officer now owns 527,555 shares in the company, valued at approximately $101,369,693.25. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 13,662 shares of company stock valued at $2,582,789 in the last ninety days. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $176.84 on Wednesday. The company has a market cap of $69.98 billion, a P/E ratio of 12.86, a P/E/G ratio of 1.55 and a beta of 1.13. The business has a fifty day simple moving average of $189.33 and a 200-day simple moving average of $192.31. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. 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 (NYSE:PNC) last posted 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 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 return on equity of 11.12% and a net margin of 17.10%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.16 EPS. Equities research analysts forecast 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. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.62%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

About The PNC Financial Services Group

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.