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Advocate Group LLC Decreases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Written by Amanda

Advocate Group LLC decreased its position in The PNC Financial Services Group, Inc. (NYSE:PNCFree Report) by 37.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,745 shares of the financial services provider’s stock after selling 6,384 shares during the quarter. Advocate Group LLC’s holdings in The PNC Financial Services Group were worth $1,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PNC. Blair William & Co. IL raised its stake in The PNC Financial Services Group by 0.5% in the 1st quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider’s stock valued at $3,135,000 after purchasing an additional 89 shares during the last quarter. Cetera Investment Advisers raised its stake in The PNC Financial Services Group by 12.0% in the 1st quarter. Cetera Investment Advisers now owns 16,141 shares of the financial services provider’s stock valued at $2,977,000 after purchasing an additional 1,724 shares during the last quarter. Covestor Ltd raised its stake in The PNC Financial Services Group by 68.8% in the 1st quarter. Covestor Ltd now owns 336 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 137 shares during the last quarter. West Family Investments Inc. raised its stake in The PNC Financial Services Group by 9.1% in the 1st quarter. West Family Investments Inc. now owns 1,164 shares of the financial services provider’s stock valued at $215,000 after purchasing an additional 97 shares during the last quarter. Finally, Ergoteles LLC raised its stake in The PNC Financial Services Group by 137.9% in the 1st quarter. Ergoteles LLC now owns 21,048 shares of the financial services provider’s stock valued at $3,882,000 after purchasing an additional 12,201 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PNC. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and boosted their target price for the company from $141.00 to $155.00 in a research note on Thursday. UBS Group upped their price objective on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Odeon Capital Group raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price objective for the company in a research note on Thursday, December 14th. Keefe, Bruyette & Woods upped their price objective on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the company an “underperform” rating in a research note on Wednesday, January 3rd. Finally, Piper Sandler upped their price objective on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the company a “neutral” rating in a research note on Friday, December 8th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $152.87.

Read Our Latest Report on The PNC Financial Services Group

The PNC Financial Services Group Trading Up 1.0 %

PNC traded up $1.63 on Friday, reaching $161.60. 1,725,504 shares of the company’s stock were exchanged, compared to its average volume of 2,433,371. The company has a market cap of $64.29 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.84 and a beta of 1.17. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $162.24. The company’s 50 day moving average is $150.26 and its 200-day moving average is $138.41. 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 PNC Financial Services Group (NYSE:PNCGet Free Report) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The firm had revenue of $5.36 billion during the quarter, compared to analysts’ expectations of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The PNC Financial Services Group’s quarterly revenue 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. Equities analysts predict that The PNC Financial Services Group, Inc. will post 12.41 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 5th. Shareholders of record on Tuesday, January 16th were issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Friday, January 12th. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Profile

(Free Report)

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.

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Source: marketbeat.com

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai