Thoroughbred Financial Services LLC Sells 7,471 Shares of The PNC Financial Services Group, Inc $PNC

Thoroughbred Financial Services LLC lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 41.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,386 shares of the financial services provider’s stock after selling 7,471 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in The PNC Financial Services Group were worth $1,936,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PNC. Nuveen LLC bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $306,905,000. Amundi lifted its holdings in The PNC Financial Services Group by 76.1% during the 1st quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock worth $352,592,000 after buying an additional 944,731 shares in the last quarter. AQR Capital Management LLC boosted its position in The PNC Financial Services Group by 187.3% in the 1st quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock valued at $245,055,000 after buying an additional 926,709 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of The PNC Financial Services Group by 41.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after buying an additional 830,440 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of The PNC Financial Services Group by 157.1% in the 1st quarter. National Bank of Canada FI now owns 868,901 shares of the financial services provider’s stock valued at $152,726,000 after buying an additional 530,873 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $183.88 on Friday. The firm has a market cap of $72.11 billion, a P/E ratio of 11.88, a PEG ratio of 1.26 and a beta of 1.12. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50 day moving average price is $191.69 and its two-hundred day moving average price is $188.03.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to analysts’ expectations 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 firm’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.49 EPS. On average, analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The shares were 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 directly owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was 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 represents a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,151 shares of company stock valued at $400,092. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PNC shares. Stephens reaffirmed an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Citigroup upped their target price on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, September 24th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Wednesday, October 8th. Finally, Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $218.47.

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.