Groupama Asset Managment Trims Stock Position in The PNC Financial Services Group, Inc $PNC

Groupama Asset Managment cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 224,652 shares of the financial services provider’s stock after selling 23,004 shares during the period. Groupama Asset Managment’s holdings in The PNC Financial Services Group were worth $46,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $1,967,080,000. Viking Global Investors LP lifted its holdings in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after buying an additional 5,581,102 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of The PNC Financial Services Group by 961.7% in the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after buying an additional 2,382,552 shares during the period. Deutsche Bank AG boosted its stake in shares of The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after buying an additional 1,994,431 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 in the last three months. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PNC shares. Stephens raised their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Argus boosted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Barclays upped their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Citigroup boosted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $250.21 on Friday. The firm has a market cap of $100.48 billion, a PE ratio of 13.77, a P/E/G ratio of 0.99 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $256.49. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average price of $240.24 and a 200 day moving average price of $226.01.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.