Vaughan David Investments LLC IL decreased its position in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,320 shares of the financial services provider’s stock after selling 2,900 shares during the quarter. Vaughan David Investments LLC IL’s holdings in The PNC Financial Services Group were worth $10,503,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of PNC. Vanguard Group Inc. increased its position in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the period. State Street Corp increased its position in The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock worth $3,464,462,000 after acquiring an additional 85,291 shares during the period. Capital International Investors increased its position in The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Norges Bank bought a new position in The PNC Financial Services Group during the fourth quarter worth $1,967,080,000. Finally, Geode Capital Management LLC increased its position in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after acquiring an additional 30,078 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
Insiders Place Their Bets
In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.38% of the stock is owned by insiders.
The PNC Financial Services Group Stock Up 0.6%
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the company earned $3.51 earnings per share. The business’s revenue was up 13.1% compared to the same quarter last year. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 39.51%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on PNC shares. Bank of America boosted their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Truist Financial boosted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.
View Our Latest Stock Report on The PNC Financial Services Group
The PNC Financial Services Group Profile
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.
PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.
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