Lansforsakringar Fondforvaltning AB publ reduced its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 125,336 shares of the financial services provider’s stock after selling 4,149 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in The PNC Financial Services Group were worth $26,081,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PNC. Truist Financial Corp grew its holdings in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. lifted its holdings in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $13,711,000. Stoneridge Investment Partners LLC grew its stake in The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after buying an additional 8,818 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in The PNC Financial Services Group by 27.4% during the third quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock worth $401,650,000 after buying an additional 430,261 shares during 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 PNC stock opened at $246.06 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $249.01. The firm has a fifty day moving average of $225.49 and a 200-day moving average of $219.86. The firm has a market capitalization of $98.81 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.01 and a beta of 0.92.
Insider Buying and Selling
In other news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last 90 days. Insiders own 0.38% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on PNC. Stephens started coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They issued an “overweight” rating and a $265.00 target price for the company. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Oppenheimer upped their price target on shares of The PNC Financial Services Group from $268.00 to $271.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $249.56.
Check Out Our Latest Report on PNC
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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