Arax Advisory Partners Sells 139,401 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Arax Advisory Partners cut its stake in PNC by 95.5% in the fourth quarter, selling 139,401 shares and leaving it with 6,543 shares worth about $1.37 million.
• Several analysts remain constructive on the stock, with the consensus rating at Moderate Buy and an average price target of $246.72. Recent updates included upgrades and higher targets from firms such as Citigroup and Stephens.
• PNC reported better-than-expected quarterly earnings, posting EPS of $4.32 versus the $3.92 estimate, while revenue rose 13.1% year over year. The bank also pays a quarterly dividend of $1.70, yielding about 3.0%.

Arax Advisory Partners lowered its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 95.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,543 shares of the financial services provider's stock after selling 139,401 shares during the quarter. Arax Advisory Partners' holdings in The PNC Financial Services Group were worth $1,366,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Quarry LP bought a new stake in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth $29,000. Beacon Financial Strategies CORP acquired a new stake in The PNC Financial Services Group during the 4th quarter worth $35,000. Cornerstone Planning Group LLC raised its stake in The PNC Financial Services Group by 2,100.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider's stock worth $39,000 after buying an additional 168 shares during the period. Finally, JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $37,000. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNC. Royal Bank Of Canada reiterated an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Citigroup boosted their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Truist Financial boosted their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods boosted their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. Finally, Stephens began coverage on The PNC Financial Services Group in a research report on Monday. They issued an "overweight" rating and a $265.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $246.72.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $230.01 on Tuesday. The PNC Financial Services Group, Inc has a twelve month low of $172.88 and a twelve month high of $243.94. The business's 50 day moving average price is $221.21 and its two-hundred day moving average price is $216.56. 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 company has a market cap of $92.36 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92.

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 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the business earned $3.51 earnings per share. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is 39.51%.

About The PNC Financial Services Group

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.

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.