The PNC Financial Services Group, Inc $PNC Position Cut by Raiffeisen Bank International AG

Raiffeisen Bank International AG lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 86.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,464 shares of the financial services provider’s stock after selling 21,922 shares during the period. Raiffeisen Bank International AG’s holdings in The PNC Financial Services Group were worth $632,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PNC. Symphony Financial Ltd. Co. bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $46,116,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in The PNC Financial Services Group by 13.1% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 294,232 shares of the financial services provider’s stock valued at $54,851,000 after buying an additional 33,981 shares in the last quarter. Westpac Banking Corp increased its stake in The PNC Financial Services Group by 46.1% during the 2nd quarter. Westpac Banking Corp now owns 7,487 shares of the financial services provider’s stock valued at $1,396,000 after buying an additional 2,361 shares during the period. Integrated Quantitative Investments LLC bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $466,000. Finally, Rockefeller Capital Management L.P. raised its position in shares of The PNC Financial Services Group by 9.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 157,928 shares of the financial services provider’s stock worth $29,441,000 after buying an additional 13,190 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $180.20 on Wednesday. The company has a market capitalization of $70.66 billion, a PE ratio of 11.64, 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 stock has a fifty day moving average of $190.79 and a 200-day moving average of $188.46. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $3.49 EPS. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the company’s 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 completion of the sale, the executive vice president 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 2,151 shares of company stock worth $400,092. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

PNC has been the topic of a number of research analyst reports. 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 note on Monday, September 29th. Truist Financial increased their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. Oppenheimer reiterated an “outperform” rating and set a $240.00 price target (up from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Finally, Stephens reaffirmed an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $218.47.

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.