Washington Capital Management Inc. Lowers Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Washington Capital Management Inc. cut its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 8,585 shares of the financial services provider’s stock after selling 690 shares during the period. The PNC Financial Services Group accounts for 1.3% of Washington Capital Management Inc.’s investment portfolio, making the stock its 10th largest holding. Washington Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $1,656,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC lifted its holdings in The PNC Financial Services Group by 14.2% during the 2nd quarter. AQR Capital Management LLC now owns 45,448 shares of the financial services provider’s stock worth $6,983,000 after purchasing an additional 5,640 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 31.0% in the second quarter. NewEdge Advisors LLC now owns 32,794 shares of the financial services provider’s stock worth $5,099,000 after buying an additional 7,765 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in The PNC Financial Services Group by 9.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 39,397 shares of the financial services provider’s stock valued at $6,125,000 after acquiring an additional 3,240 shares in the last quarter. Quarry LP increased its holdings in 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. Finally, EP Wealth Advisors LLC grew its position in shares of The PNC Financial Services Group by 11.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 3,725 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 395 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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 1st. The shares were sold at an average price of $189.50, for a total value of $235,359.00. Following the transaction, the chief executive officer now directly owns 543,523 shares of the company’s stock, valued at approximately $102,997,608.50. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,413 shares of company stock worth $6,021,569 over the last 90 days. 0.42% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Evercore ISI increased their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler upped their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $205.00.

The PNC Financial Services Group Stock Up 0.3 %

NYSE PNC opened at $202.29 on Thursday. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26. The stock has a market capitalization of $80.26 billion, a PE ratio of 14.71, a PEG ratio of 1.59 and a beta of 1.16. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50-day moving average is $200.14 and its 200 day moving average is $189.26.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.16 earnings per share. Sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current 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 paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

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.