The PNC Financial Services Group, Inc $PNC Shares Sold by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,813 shares of the financial services provider’s stock after selling 14,259 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in The PNC Financial Services Group were worth $13,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth approximately $1,477,836,000. Viking Global Investors LP purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $442,871,000. AQR Capital Management LLC raised its holdings in The PNC Financial Services Group by 134.9% during the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after purchasing an additional 1,917,530 shares during the last quarter. Federated Hermes Inc. boosted its position in The PNC Financial Services Group by 43.8% during the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after purchasing an additional 845,148 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in The PNC Financial Services Group by 491.7% during the second quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock worth $187,525,000 after purchasing an additional 835,926 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares in the company, valued at $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 64,186 shares of company stock valued at $14,840,973 over the last quarter. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PNC. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Barclays boosted their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research note on Tuesday, January 20th. TD Cowen raised their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $206.26 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The business has a fifty day moving average of $222.17 and a 200-day moving average of $205.18. The stock has a market cap of $83.20 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 0.86 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.77 earnings per share. As a group, analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.99%.

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.