Capital Research Global Investors Decreases Position in The PNC Financial Services Group, Inc $PNC

Capital Research Global Investors cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,629,597 shares of the financial services provider’s stock after selling 137,609 shares during the quarter. Capital Research Global Investors’ holdings in The PNC Financial Services Group were worth $548,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Quarry LP purchased a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the 4th quarter valued at about $29,000. Beacon Financial Strategies CORP purchased a new position in The PNC Financial Services Group in the 4th quarter valued at about $35,000. JPL Wealth Management LLC purchased a new position in The PNC Financial Services Group in the 3rd quarter valued at about $37,000. Finally, Financial Life Planners purchased a new position in The PNC Financial Services Group in the 3rd quarter valued at about $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 0.2%

Shares of NYSE PNC opened at $228.76 on Monday. The company has a 50 day simple moving average of $218.12 and a 200-day simple moving average of $214.61. The company has a market capitalization of $91.86 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.95 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The PNC Financial Services Group, Inc has a 1 year low of $172.73 and a 1 year high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.51 EPS. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 39.51%.

Analyst Ratings Changes

A number of research firms have commented on PNC. Citigroup increased their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 8th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price objective for the company. Bank of America increased their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Oppenheimer increased their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Finally, Truist Financial increased their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

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.