Nordea Investment Management AB lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 0.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,541 shares of the financial services provider’s stock after selling 78 shares during the period. Nordea Investment Management AB’s holdings in The PNC Financial Services Group were worth $4,692,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Citizens National Bank Trust Department bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $28,000. Retirement Planning Co of New England Inc. acquired a new position in The PNC Financial Services Group in the fourth quarter worth about $30,000. Guardian Wealth Management Inc. bought a new stake in The PNC Financial Services Group in the fourth quarter valued at about $32,000. Covestor Ltd bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $40,000. Finally, Baltimore Washington Financial Advisors Inc. acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $227,000. 83.54% of the stock is currently owned by hedge funds and other institutional investors.
The PNC Financial Services Group stock opened at $162.84 on Monday. The PNC Financial Services Group, Inc. has a 52 week low of $149.51 and a 52 week high of $228.14. The stock has a market cap of $67.35 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 2.25 and a beta of 1.24. The company’s 50-day moving average price is $165.48 and its two-hundred day moving average price is $187.26. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.54.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last posted its quarterly earnings data on Thursday, April 14th. The financial services provider reported $3.29 EPS for the quarter, beating analysts’ consensus estimates of $2.78 by $0.51. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.72 billion. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the business earned $4.10 earnings per share. Research analysts expect that The PNC Financial Services Group, Inc. will post 14.19 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 5th. Stockholders of record on Wednesday, April 13th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Tuesday, April 12th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.25. The PNC Financial Services Group’s payout ratio is currently 50.76%.
In related news, EVP Guild Deborah sold 1,257 shares of the business’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $170.56, for a total value of $214,393.92. Following the sale, the executive vice president now directly owns 23,360 shares in the company, valued at approximately $3,984,281.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert A. Niblock bought 2,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 6th. The shares were acquired at an average price of $167.07 per share, with a total value of $334,140.00. Following the completion of the acquisition, the director now directly owns 6,063 shares of the company’s stock, valued at approximately $1,012,945.41. The disclosure for this purchase can be found here. Corporate insiders own 0.34% of the company’s stock.
A number of equities analysts have commented on PNC shares. Wolfe Research decreased their price objective on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating for the company in a report on Thursday, May 26th. Piper Sandler dropped their price objective on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a research note on Friday, April 1st. Raymond James cut their target price on shares of The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a report on Monday, April 18th. Morgan Stanley dropped their price target on The PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating on the stock in a research report on Monday, March 28th. Finally, StockNews.com initiated coverage on The PNC Financial Services Group in a research report on Thursday, March 31st. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $215.29.
The PNC Financial Services Group Company Profile (Get Rating)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company’s Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.
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