City State Bank Cuts Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

City State Bank reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,040 shares of the financial services provider’s stock after selling 92 shares during the quarter. City State Bank’s holdings in The PNC Financial Services Group were worth $183,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PNC. Rialto Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at $32,000. Whipplewood Advisors LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $33,000. REAP Financial Group LLC boosted its stake in shares of The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 80 shares in the last quarter. Hoey Investments Inc. acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $39,000. Finally, True Wealth Design LLC raised its holdings in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 59 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $178.72 on Friday. The PNC Financial Services Group, Inc. has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a market capitalization of $70.70 billion, a PE ratio of 13.00, a P/E/G ratio of 1.55 and a beta of 1.06. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day simple moving average of $165.16 and a 200 day simple moving average of $183.56.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. Sell-side analysts predict 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 business also recently announced a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.58%. The PNC Financial Services Group’s payout ratio is 45.20%.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of recent research reports. Truist Financial decreased their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research report on Wednesday, April 16th. TD Cowen assumed coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They set a “buy” rating and a $233.00 price objective on the stock. The Goldman Sachs Group decreased their target price on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their price objective for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. decreased their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.67.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $179.14, for a total value of $222,491.88. Following the completion of the transaction, the chief executive officer now owns 556,121 shares of the company’s stock, valued at approximately $99,623,515.94. This represents a 0.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, the executive vice president now directly owns 20,490 shares of the company’s stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,154 shares of company stock worth $2,525,591. 0.41% of the stock is owned by company insiders.

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.