National Pension Service Sells 66,620 Shares of The PNC Financial Services Group, Inc $PNC

National Pension Service lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 6.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,044,284 shares of the financial services provider’s stock after selling 66,620 shares during the quarter. National Pension Service owned 0.27% of The PNC Financial Services Group worth $194,675,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pioneer Trust Bank N A OR bought a new position in The PNC Financial Services Group in the second quarter valued at $211,000. Vise Technologies Inc. purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth about $1,236,000. Allworth Financial LP increased its position in shares of The PNC Financial Services Group by 29.5% during the 2nd quarter. Allworth Financial LP now owns 25,933 shares of the financial services provider’s stock valued at $4,834,000 after purchasing an additional 5,903 shares during the last quarter. Altman Advisors Inc. raised its holdings in shares of The PNC Financial Services Group by 1.7% during the 2nd quarter. Altman Advisors Inc. now owns 10,993 shares of the financial services provider’s stock valued at $2,116,000 after buying an additional 183 shares in the last quarter. Finally, Fidelis Capital Partners LLC lifted its position in The PNC Financial Services Group by 2.3% in the 2nd quarter. Fidelis Capital Partners LLC now owns 7,570 shares of the financial services provider’s stock worth $1,427,000 after buying an additional 169 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 2,151 shares of company stock worth $400,092. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PNC shares. Truist Financial increased their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Evercore ISI upped their price target on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. UBS Group boosted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Up 1.1%

Shares of NYSE PNC opened at $186.83 on Thursday. The firm has a fifty day simple moving average of $192.57 and a two-hundred day simple moving average of $187.70. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month 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 1.06. The firm has a market capitalization of $73.26 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.82 billion. During the same quarter in the previous year, the company earned $3.49 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 8.9% on a year-over-year basis. Equities analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group’s payout ratio is currently 43.93%.

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.