Wedmont Private Capital Sells 93 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Wedmont Private Capital reduced its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,718 shares of the financial services provider’s stock after selling 93 shares during the period. Wedmont Private Capital’s holdings in The PNC Financial Services Group were worth $829,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. Norges Bank bought a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $1,352,151,000. Leigh Baldwin & CO. LLC bought a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $299,864,000. GAMMA Investing LLC grew its position in The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider’s stock valued at $201,961,000 after acquiring an additional 1,143,079 shares during the last quarter. Schroder Investment Management Group grew its position in The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock valued at $265,436,000 after acquiring an additional 860,554 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock valued at $1,453,763,000 after acquiring an additional 726,115 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $178.71 on Tuesday. The stock has a fifty day moving average of $165.19 and a 200 day moving average of $183.04. The PNC Financial Services Group, Inc. has a 52 week low of $145.12 and a 52 week high of $216.26. The firm has a market capitalization of $70.69 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.55 and a beta of 1.06. 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 (NYSE:PNC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.58%. The ex-dividend date was Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio is currently 45.20%.

Wall Street Analysts Forecast Growth

PNC has been the topic of several recent analyst reports. TD Cowen initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a “buy” rating and a $233.00 target price on the stock. Citigroup cut their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, March 24th. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their target price for the stock from $206.00 to $202.00 in a report on Monday, March 31st. Truist Financial cut their target price on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a report on Wednesday, April 16th. Finally, Royal Bank of Canada cut their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $202.67.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff acquired 1,000 shares of the stock in a transaction on Friday, April 25th. The stock was acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the completion of the transaction, the director now owns 2,009 shares of the company’s stock, valued at $317,863.98. This represents a 99.11% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $172.00, for a total value of $213,624.00. Following the completion of the transaction, the chief executive officer now directly owns 566,057 shares of the company’s stock, valued at approximately $97,361,804. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,154 shares of company stock valued at $2,525,591. 0.41% of the stock is currently owned by company insiders.

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 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.