The PNC Financial Services Group, Inc $PNC Shares Sold by Wrapmanager Inc.

Wrapmanager Inc. decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 16.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,796 shares of the financial services provider’s stock after selling 546 shares during the quarter. Wrapmanager Inc.’s holdings in The PNC Financial Services Group were worth $521,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. IMG Wealth Management Inc. bought a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Saudi Central Bank bought a new position in The PNC Financial Services Group in the 1st quarter worth about $27,000. Concord Wealth Partners increased its stake in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 100 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $37,000. Finally, WPG Advisers LLC acquired a new position in shares of The PNC Financial Services Group during the first quarter worth approximately $36,000. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on PNC shares. Bank of America raised their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. Truist Financial increased their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Finally, Wells Fargo & Company raised 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. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group Trading Down 1.6%

Shares of The PNC Financial Services Group stock opened at $183.96 on Friday. The business has a fifty day simple moving average of $192.10 and a 200-day simple moving average of $187.68. 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 firm has a market cap of $72.14 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12. 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 earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the previous year, the company earned $3.49 earnings per share. The PNC Financial Services Group’s revenue was up 8.9% compared to the same quarter last year. On average, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the sale, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 2,151 shares of company stock valued at $400,092. Company insiders own 0.41% of the company’s stock.

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.