SouthState Corp Sells 383 Shares of The PNC Financial Services Group, Inc $PNC

SouthState Corp decreased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 17.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,798 shares of the financial services provider’s stock after selling 383 shares during the quarter. SouthState Corp’s holdings in The PNC Financial Services Group were worth $335,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PNC. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group during the second quarter valued at $27,000. Saudi Central Bank purchased a new position in The PNC Financial Services Group in the 1st quarter worth about $27,000. Concord Wealth Partners raised its position in The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after buying an additional 100 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 65 shares during the period. Finally, FNY Investment Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $37,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $184.07 on Friday. The stock has a market cap of $72.49 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The firm has a fifty day moving average price of $193.80 and a 200-day moving average price of $186.91. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate 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 PNC Financial Services Group’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.49 EPS. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PNC shares. Wall Street Zen upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Oppenheimer reissued an “outperform” rating and set a $240.00 price target (up from $235.00) on shares of The PNC Financial Services Group in a report on Thursday, October 16th. Truist Financial raised their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. Morgan Stanley upped their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Finally, Raymond James Financial raised their target price on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $218.47.

Insider Activity at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group 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 sale, the executive vice president owned 27,335 shares in the company, valued at $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 transaction, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. This trade represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,151 shares of company stock worth $400,092 in the last three months. 0.41% of the stock is owned by corporate insiders.

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.