Public Sector Pension Investment Board Sells 24,452 Shares of The PNC Financial Services Group, Inc $PNC

by · The Markets Daily

Public Sector Pension Investment Board reduced its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 9.6% during the second quarter, HoldingsChannel.com reports. The fund owned 231,424 shares of the financial services provider’s stock after selling 24,452 shares during the quarter. Public Sector Pension Investment Board’s holdings in The PNC Financial Services Group were worth $43,142,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PNC. Evergreen Capital Management LLC boosted its holdings in shares of The PNC Financial Services Group by 8.0% in the 2nd quarter. Evergreen Capital Management LLC now owns 3,455 shares of the financial services provider’s stock worth $644,000 after buying an additional 257 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in The PNC Financial Services Group by 123.6% in the second quarter. Tower Research Capital LLC TRC now owns 14,709 shares of the financial services provider’s stock valued at $2,742,000 after acquiring an additional 8,130 shares during the last quarter. SkyView Investment Advisors LLC grew its position in shares of The PNC Financial Services Group by 39.3% during the 2nd quarter. SkyView Investment Advisors LLC now owns 2,508 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 708 shares during the period. Equitable Holdings Inc. grew its position in shares of The PNC Financial Services Group by 6.7% during the 2nd quarter. Equitable Holdings Inc. now owns 14,460 shares of the financial services provider’s stock valued at $2,696,000 after acquiring an additional 902 shares during the period. Finally, Captrust Financial Advisors increased its stake in shares of The PNC Financial Services Group by 15.1% during the 2nd quarter. Captrust Financial Advisors now owns 109,604 shares of the financial services provider’s stock worth $20,432,000 after purchasing an additional 14,349 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.4%

PNC stock opened at $210.61 on Friday. The stock has a 50-day simple moving average of $188.31 and a two-hundred day simple moving average of $191.19. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $213.03. The firm has a market capitalization of $82.59 billion, a PE ratio of 13.61, a PEG ratio of 1.18 and a beta of 1.01. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.49 earnings per share. On average, equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is 43.93%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Finally, Raymond James Financial lifted their target price on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $217.17.

Get Our Latest Stock Analysis on The PNC Financial Services Group

Insiders Place Their Bets

In related news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Company 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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