North Reef Capital Management LP lessened its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 36.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 310,000 shares of the financial services provider’s stock after selling 176,880 shares during the period. The PNC Financial Services Group accounts for approximately 2.4% of North Reef Capital Management LP’s holdings, making the stock its 17th biggest position. North Reef Capital Management LP owned 0.08% of The PNC Financial Services Group worth $38,059,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of PNC. Capital International Investors grew its position in shares of The PNC Financial Services Group by 615.1% during the 2nd quarter. Capital International Investors now owns 8,623,735 shares of the financial services provider’s stock valued at $1,086,142,000 after buying an additional 7,417,830 shares during the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $735,469,000. Moneta Group Investment Advisors LLC grew its position in The PNC Financial Services Group by 122,771.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock worth $401,323,000 after purchasing an additional 2,538,916 shares during the last quarter. Morgan Stanley grew its position in The PNC Financial Services Group by 28.7% in the 4th quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock worth $740,101,000 after purchasing an additional 1,045,055 shares during the last quarter. Finally, FMR LLC grew its position in The PNC Financial Services Group by 6.7% in the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after purchasing an additional 893,808 shares during the last quarter. Institutional investors own 80.14% of the company’s stock.
Analyst Upgrades and Downgrades
PNC has been the subject of several recent analyst reports. Piper Sandler upped their target price on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the stock a “neutral” rating in a research report on Friday, December 8th. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an “underperform” rating in a research note on Wednesday, January 3rd. StockNews.com lowered shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. Stephens reaffirmed an “equal weight” rating and issued a $138.00 price target on shares of The PNC Financial Services Group in a research note on Tuesday, December 5th. Finally, The Goldman Sachs Group upped their price target on shares of The PNC Financial Services Group from $128.00 to $147.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 19th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $146.59.
View Our Latest Stock Analysis on PNC
Insider Activity
In other news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Guild Deborah sold 1,533 shares of The PNC Financial Services Group stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $132.51, for a total value of $203,137.83. Following the transaction, the executive vice president now owns 17,092 shares in the company, valued at approximately $2,264,860.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the transaction, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The disclosure for this sale can be found here. 0.39% of the stock is owned by insiders.
The PNC Financial Services Group Trading Up 0.5 %
Shares of NYSE:PNC traded up $0.73 during mid-day trading on Friday, hitting $146.12. The stock had a trading volume of 1,837,210 shares, compared to its average volume of 2,221,927. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market cap of $58.21 billion, a PE ratio of 11.52, a P/E/G ratio of 1.70 and a beta of 1.19. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $161.15. The company’s 50 day moving average is $150.82 and its 200-day moving average is $133.35.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share for the quarter, beating the consensus estimate of $2.12 by $1.04. The firm had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.30 billion. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.49 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 12.31 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Shareholders of record on Tuesday, January 16th were paid a $1.55 dividend. The ex-dividend date was Friday, January 12th. This represents a $6.20 annualized dividend and a yield of 4.24%. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.
The PNC Financial Services Group 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 certificates of 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.
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