TD Private Client Wealth LLC Sells 12,224 Shares of The PNC Financial Services Group, Inc $PNC

TD Private Client Wealth LLC lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 31.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,726 shares of the financial services provider’s stock after selling 12,224 shares during the period. TD Private Client Wealth LLC’s holdings in The PNC Financial Services Group were worth $5,370,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. First Horizon Corp bought a new position in shares of The PNC Financial Services Group in the third quarter valued at about $8,360,000. Benjamin Edwards Inc. grew its holdings in The PNC Financial Services Group by 27.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 24,763 shares of the financial services provider’s stock worth $4,977,000 after acquiring an additional 5,294 shares during the last quarter. Cullen Capital Management LLC increased its position in The PNC Financial Services Group by 3.8% in the 2nd quarter. Cullen Capital Management LLC now owns 204,875 shares of the financial services provider’s stock valued at $38,193,000 after acquiring an additional 7,478 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of The PNC Financial Services Group by 115.1% in the second quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock worth $1,050,000 after acquiring an additional 3,013 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PNC shares. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their price target for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Evercore ISI lifted their target price on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Oppenheimer decreased their price target on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Finally, Truist Financial boosted their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $222.06.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Down 1.4%

NYSE:PNC opened at $212.65 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $220.54. The stock’s fifty day simple moving average is $200.71 and its 200-day simple moving average is $196.78. The firm has a market capitalization of $83.39 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.92 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the prior year, the company posted $3.49 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

The PNC Financial Services Group Company 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.