The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by IAM Advisory LLC
IAM Advisory LLC lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 9.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,124 shares of the financial services provider’s stock after selling 1,118 shares during the period. The PNC Financial Services Group accounts for 0.6% of IAM Advisory LLC’s investment portfolio, making the stock its 22nd largest position. IAM Advisory LLC’s holdings in The PNC Financial Services Group were worth $1,599,000 as of its most recent filing with the SEC.
→ Urgent Warning (From Weiss Ratings)
Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of The PNC Financial Services Group by 21.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock valued at $2,116,282,000 after buying an additional 2,373,814 shares during the period. Federated Hermes Inc. increased its stake in The PNC Financial Services Group by 56,674.0% during the second quarter. Federated Hermes Inc. now owns 1,945,646 shares of the financial services provider’s stock worth $306,965,000 after acquiring an additional 1,942,219 shares during the last quarter. Neuberger Berman Group LLC raised its position in The PNC Financial Services Group by 39.2% in the third quarter. Neuberger Berman Group LLC now owns 2,913,910 shares of the financial services provider’s stock valued at $435,463,000 after purchasing an additional 820,537 shares during the period. State Street Corp lifted its stake in shares of The PNC Financial Services Group by 3.3% in the 3rd quarter. State Street Corp now owns 18,436,065 shares of the financial services provider’s stock valued at $2,754,717,000 after purchasing an additional 595,811 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of The PNC Financial Services Group by 428.6% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 579,886 shares of the financial services provider’s stock worth $86,869,000 after purchasing an additional 470,181 shares during the period. 82.05% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on PNC. Citigroup upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and set a $175.00 price objective on the stock in a report on Monday, March 13th. Credit Suisse Group lowered their price objective on shares of The PNC Financial Services Group from $170.00 to $165.00 and set a “neutral” rating for the company in a research report on Thursday, January 19th. Robert W. Baird cut their target price on The PNC Financial Services Group from $210.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, January 19th. Barclays lowered their price target on The PNC Financial Services Group from $222.00 to $218.00 and set an “overweight” rating for the company in a research report on Tuesday, January 3rd. Finally, UBS Group downgraded The PNC Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $190.00 to $176.00 in a report on Tuesday, January 10th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $180.36.
The PNC Financial Services Group Stock Up 0.0 %
Shares of PNC traded up $0.02 during midday trading on Thursday, reaching $124.42. The stock had a trading volume of 1,230,410 shares, compared to its average volume of 3,286,891. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.79 and a quick ratio of 0.79. The company’s fifty day simple moving average is $152.97 and its two-hundred day simple moving average is $156.27. The company has a market cap of $49.73 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 1.07 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1-year low of $120.95 and a 1-year high of $198.98.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its quarterly earnings results on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.95 by ($0.46). The PNC Financial Services Group had a return on equity of 12.88% and a net margin of 25.73%. The business had revenue of $5.76 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same period last year, the firm earned $2.86 earnings per share. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 14.63 earnings per share for the current year.
The PNC Financial Services Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Sunday, February 5th. Shareholders of record on Tuesday, January 17th were paid a $1.50 dividend. The ex-dividend date of this dividend was Friday, January 13th. This represents a $6.00 annualized dividend and a yield of 4.82%. The PNC Financial Services Group’s dividend payout ratio is currently 43.26%.
Insiders Place Their Bets
In related news, CEO William S. Demchak bought 6,550 shares of the company’s stock in a transaction that occurred on Friday, January 20th. The shares were purchased at an average cost of $153.38 per share, with a total value of $1,004,639.00. Following the transaction, the chief executive officer now directly owns 482,924 shares of the company’s stock, valued at approximately $74,070,883.12. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak bought 6,550 shares of the company’s stock in a transaction that occurred on Friday, January 20th. The shares were purchased at an average cost of $153.38 per share, with a total value of $1,004,639.00. Following the transaction, the chief executive officer now directly owns 482,924 shares of the company’s stock, valued at approximately $74,070,883.12. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William S. Demchak bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The stock was bought at an average cost of $129.70 per share, for a total transaction of $129,700.00. Following the completion of the transaction, the chief executive officer now directly owns 525,349 shares in the company, valued at $68,137,765.30. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.
The PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.
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