Huntington National Bank Decreases Stake in The PNC Financial Services Group, Inc $PNC

Huntington National Bank reduced its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 87,939 shares of the financial services provider’s stock after selling 5,178 shares during the period. Huntington National Bank’s holdings in The PNC Financial Services Group were worth $16,394,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Saudi Central Bank purchased a new position in The PNC Financial Services Group in the 1st quarter valued at about $27,000. Concord Wealth Partners boosted its position in The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. Cornerstone Planning Group LLC boosted its position in The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 65 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at about $37,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, October 3rd. Evercore ISI upped their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Raymond James Financial upped their target price on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Finally, Truist Financial upped their target price on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $218.47.

Insiders Place Their Bets

In related news, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president owned 27,335 shares in the company, valued at $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Price Performance

PNC opened at $182.59 on Tuesday. The firm has a market cap of $71.90 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The company’s 50-day moving average price is $195.58 and its 200 day moving average price is $186.50. 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 (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates 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 PNC Financial Services Group’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.49 earnings per share. As a group, sell-side analysts expect 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

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.