AlphaQuest LLC Reduces Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• AlphaQuest LLC cut its PNC stake by 28.5% in the fourth quarter, selling 8,354 shares and leaving it with 20,955 shares valued at about $4.37 million.
• PNC’s latest quarterly results beat EPS expectations, reporting $4.32 per share versus the $3.92 consensus, though revenue of $6.17 billion came in slightly below estimates.
• The bank continues to pay a sizable dividend and has mixed-but-positive Wall Street sentiment, with a quarterly payout of $1.70 per share yielding 3.1% and a consensus analyst rating of “Moderate Buy.”

AlphaQuest LLC decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 28.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,955 shares of the financial services provider's stock after selling 8,354 shares during the period. The PNC Financial Services Group comprises approximately 0.2% of AlphaQuest LLC's holdings, making the stock its 18th biggest holding. AlphaQuest LLC's holdings in The PNC Financial Services Group were worth $4,374,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. Brighton Jones LLC increased its stake in The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC increased its position in shares of The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after purchasing an additional 170 shares during the last quarter. Sivia Capital Partners LLC raised its stake in shares of The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after purchasing an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in shares of The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after purchasing an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of The PNC Financial Services Group during the second quarter worth about $482,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 0.1%

The PNC Financial Services Group stock opened at $219.50 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The firm has a 50-day moving average price of $214.73 and a two-hundred day moving average price of $212.21. The firm has a market capitalization of $88.14 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.91 and a beta of 0.94. The PNC Financial Services Group, Inc has a 52-week low of $169.32 and a 52-week high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group's revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.51 EPS. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Analyst Ratings Changes

PNC has been the topic of several research analyst reports. Bank of America increased their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Truist Financial increased their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $243.11.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.