Assenagon Asset Management S.A. Lowers Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Assenagon Asset Management S.A. lessened its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 37.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 439,049 shares of the financial services provider’s stock after selling 263,335 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.11% of The PNC Financial Services Group worth $84,671,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PNC. Valley Wealth Managers Inc. lifted its position in The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at about $51,000. Quarry LP lifted its holdings in shares of The PNC Financial Services Group by 141.7% during the 2nd quarter. Quarry LP now owns 290 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 170 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of The PNC Financial Services Group by 231.6% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 220 shares during the last quarter. Finally, Exchange Traded Concepts LLC purchased a new stake in The PNC Financial Services Group in the third quarter valued at approximately $70,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $200.07 on Thursday. 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 PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26. The business has a 50 day moving average price of $201.75 and a two-hundred day moving average price of $186.58. The firm has a market cap of $79.38 billion, a PE ratio of 16.91, a price-to-earnings-growth ratio of 2.11 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.60 earnings per share. Sell-side 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insider Activity

In other news, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares in the company, valued at approximately $170,299.80. The trade was a 48.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $190.57, for a total value of $236,687.94. Following the transaction, the chief executive officer now owns 546,007 shares in the company, valued at $104,052,553.99. This trade represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,272 shares of company stock worth $6,164,890. 0.42% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PNC. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. Citigroup lifted their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Truist Financial initiated coverage on The PNC Financial Services Group in a research note on Tuesday, January 7th. They set a “hold” rating and a $215.00 price target for the company. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Finally, Compass Point increased their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $203.29.

The PNC Financial Services Group Company Profile

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.