The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Berkshire Bank

Berkshire Bank lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,497 shares of the financial services provider’s stock after selling 111 shares during the quarter. Berkshire Bank’s holdings in The PNC Financial Services Group were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $32,000. Whipplewood Advisors LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $33,000. REAP Financial Group LLC boosted its holdings in The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 80 shares in the last quarter. Hoey Investments Inc. purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $39,000. Finally, True Wealth Design LLC boosted its stake in shares of The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 59 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 1.0%

NYSE:PNC opened at $175.08 on Tuesday. The firm has a market capitalization of $69.26 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The stock has a 50 day moving average of $167.56 and a 200-day moving average of $181.73. The PNC Financial Services Group, Inc. has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.47 by $0.04. The company had revenue of $5.45 billion during 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%. Analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders 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 3.66%. The PNC Financial Services Group’s dividend payout ratio is presently 45.20%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $174.78, for a total value of $217,076.76. Following the completion of the transaction, the chief executive officer now directly owns 564,815 shares in the company, valued at $98,718,365.70. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,912 shares of company stock worth $2,313,022. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Truist Financial decreased their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th. Barclays decreased their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their target price for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Citigroup cut their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a report on Monday, March 24th. Finally, Morgan Stanley reduced their price objective on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $202.67.

About The PNC Financial Services Group

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.