M&T Bank Corp Has $36.01 Million Stock Position in The PNC Financial Services Group, Inc $PNC

M&T Bank Corp reduced its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 9.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 179,227 shares of the financial services provider’s stock after selling 17,826 shares during the period. M&T Bank Corp’s holdings in The PNC Financial Services Group were worth $36,012,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PNC. Mirae Asset Global Investments Co. Ltd. raised its position in The PNC Financial Services Group by 12.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock valued at $11,621,000 after buying an additional 6,572 shares during the period. US Bancorp DE grew its position in The PNC Financial Services Group by 13.4% during the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock valued at $57,714,000 after purchasing an additional 34,009 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in The PNC Financial Services Group by 1.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after buying an additional 22,325 shares during the period. National Pension Service boosted its stake in shares of The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after buying an additional 26,305 shares during the period. Finally, Savant Capital LLC grew its holdings in shares of The PNC Financial Services Group by 8.7% during the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after acquiring an additional 7,064 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $200.98 on Friday. The company has a market capitalization of $81.07 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 0.85 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The company’s fifty day moving average price is $221.54 and its 200 day moving average price is $205.28.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.77 earnings per share. As a group, 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Insiders Place Their Bets

In other news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president directly owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This represents a 18.49% 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 this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. The trade was a 79.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 64,186 shares of company stock valued at $14,840,973. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PNC. Oppenheimer lifted their price objective on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Truist Financial raised their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Royal Bank Of Canada lifted their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Finally, Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus target price of $234.44.

About The PNC Financial Services Group

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.