Auto Owners Insurance Co Trims Stock Position in The PNC Financial Services Group, Inc $PNC

Auto Owners Insurance Co lessened its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 80.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,000 shares of the financial services provider’s stock after selling 21,109 shares during the quarter. Auto Owners Insurance Co’s holdings in The PNC Financial Services Group were worth $932,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ignite Planners LLC raised its position in shares of The PNC Financial Services Group by 8.4% during the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider’s stock valued at $262,000 after buying an additional 126 shares during the period. Exane Asset Management raised its position in shares of The PNC Financial Services Group by 32.9% during the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider’s stock valued at $28,434,000 after buying an additional 37,110 shares during the period. Smith Salley Wealth Management raised its position in shares of The PNC Financial Services Group by 15.6% during the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider’s stock valued at $12,804,000 after buying an additional 9,836 shares during the period. United Community Bank raised its position in shares of The PNC Financial Services Group by 687.0% during the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider’s stock valued at $2,166,000 after buying an additional 10,759 shares during the period. Finally, Truist Financial Corp raised its position in The PNC Financial Services Group by 2.1% in the first quarter. Truist Financial Corp now owns 1,156,136 shares of the financial services provider’s stock valued at $203,214,000 after purchasing an additional 23,502 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $183.09 on Wednesday. The company has a fifty day simple moving average of $196.84 and a two-hundred day simple moving average of $185.45. The company has a market cap of $72.10 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.29 and a beta of 1.10. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.49 earnings per share. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The PNC Financial Services Group’s payout ratio is 43.93%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PNC. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. Oppenheimer reissued an “outperform” rating and issued a $240.00 target price (up previously from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Wolfe Research reissued a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Finally, Truist Financial boosted their target price on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

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.