Merrion Investment Management Co LLC Has $415,000 Holdings in The PNC Financial Services Group, Inc $PNC

Merrion Investment Management Co LLC lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,225 shares of the financial services provider’s stock after selling 475 shares during the quarter. Merrion Investment Management Co LLC’s holdings in The PNC Financial Services Group were worth $415,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Saudi Central Bank acquired a new position in The PNC Financial Services Group in the 1st quarter valued at approximately $27,000. IMG Wealth Management Inc. purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $27,000. Concord Wealth Partners increased its stake in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. WPG Advisers LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter worth $36,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth $37,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on PNC shares. Raymond James Financial upped 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. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Morgan Stanley raised their price objective on shares of 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. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, Piper Sandler upgraded shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $218.47.

The PNC Financial Services Group Stock Up 0.6%

PNC opened at $184.07 on Friday. The firm has a market cap of $72.49 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12. 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 business has a 50 day moving average price of $193.80 and a 200 day moving average price of $187.14. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter last year, the firm posted $3.49 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The PNC Financial Services Group’s 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 dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,151 shares of company stock valued at $400,092 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

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.