Court Place Advisors LLC Reduces Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Court Place Advisors LLC lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,903 shares of the financial services provider’s stock after selling 470 shares during the period. Court Place Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PNC. AXA S.A. grew its position in The PNC Financial Services Group by 46.8% in the 2nd quarter. AXA S.A. now owns 12,125 shares of the financial services provider’s stock valued at $1,885,000 after acquiring an additional 3,865 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 14.2% in the second 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 during the last quarter. APG Asset Management N.V. increased its stake in The PNC Financial Services Group by 203.2% in the 2nd quarter. APG Asset Management N.V. now owns 47,452 shares of the financial services provider’s stock worth $6,884,000 after buying an additional 31,800 shares during the period. Ascent Group LLC boosted its position in The PNC Financial Services Group by 11.3% in the 2nd quarter. Ascent Group LLC now owns 7,594 shares of the financial services provider’s stock valued at $1,181,000 after buying an additional 768 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of The PNC Financial Services Group by 31.0% during the second quarter. NewEdge Advisors LLC now owns 32,794 shares of the financial services provider’s stock worth $5,099,000 after acquiring an additional 7,765 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $202.71 on Tuesday. The firm has a market cap of $80.43 billion, a PE ratio of 14.74, a P/E/G ratio of 1.59 and a beta of 1.16. The business has a 50-day moving average price of $200.29 and a 200 day moving average price of $188.78. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a twelve month low of $139.69 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company posted $3.16 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.16%. The PNC Financial Services Group’s payout ratio is currently 46.55%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction dated 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 sale, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $208.12, for a total value of $258,485.04. Following the transaction, the chief executive officer now owns 536,249 shares in the company, valued at approximately $111,604,141.88. The trade was 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 valued at $6,021,569 over the last ninety days. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PNC shares. Piper Sandler increased their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point raised their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Evercore ISI boosted 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. Finally, Stephens reissued an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $205.00.

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.