SouthState Corp Sells 50 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

SouthState Corp lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,094 shares of the financial services provider’s stock after selling 50 shares during the period. SouthState Corp’s holdings in The PNC Financial Services Group were worth $387,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PNC. International Assets Investment Management LLC increased its holdings in The PNC Financial Services Group by 12,940.0% during the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after purchasing an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in The PNC Financial Services Group by 160.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after purchasing an additional 433,178 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after purchasing an additional 276,200 shares during the last quarter. Hsbc Holdings PLC lifted its stake in The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after purchasing an additional 262,654 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in The PNC Financial Services Group by 5,419.9% in the 2nd quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock valued at $40,277,000 after acquiring an additional 254,356 shares during the period. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In other news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares in the company, valued at approximately $8,119,768.41. This trade represents a 27.29 % 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 the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $208.12, for a total transaction of $258,485.04. Following the completion of the transaction, the chief executive officer now owns 536,249 shares of the company’s stock, valued at $111,604,141.88. This trade represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,788 shares of company stock worth $5,535,978. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNC. Evercore ISI increased their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Stephens lifted their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, Morgan Stanley lifted their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $186.96.

The PNC Financial Services Group Trading Down 1.0 %

NYSE PNC opened at $204.86 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The business has a 50 day moving average price of $189.25 and a 200-day moving average price of $173.78. The PNC Financial Services Group, Inc. has a 52 week low of $127.08 and a 52 week high of $214.19. The company has a market cap of $81.28 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 2.17 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $3.60 EPS. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were paid a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.12%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.