The PNC Financial Services Group, Inc $PNC Shares Sold by Socorro Asset Management LP

Socorro Asset Management LP lowered its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,655 shares of the financial services provider’s stock after selling 15,417 shares during the period. The PNC Financial Services Group makes up about 3.5% of Socorro Asset Management LP’s portfolio, making the stock its 10th largest holding. Socorro Asset Management LP’s holdings in The PNC Financial Services Group were worth $7,836,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Truist Financial Corp boosted its position in shares of The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after acquiring an additional 39,589 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 purchasing an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after purchasing an additional 8,818 shares in the last quarter. BNC Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $6,715,000. Finally, BIP Wealth LLC bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $1,243,000. 83.53% of the stock is owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Down 0.6%

NYSE:PNC opened at $249.52 on Tuesday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The firm’s fifty day moving average is $237.62 and its 200-day moving average is $225.16. The firm has a market cap of $100.20 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.85 earnings per share. Equities analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Analyst Ratings Changes

PNC has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Robert W. Baird lifted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Bank of America upped their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Argus lifted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $265.48.

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.