Atria Investments Inc Cuts Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Atria Investments Inc reduced its stake in The PNC Financial Services Group by 13.4%, owning 62,981 shares worth approximately $11 million after selling 9,723 shares.
• Analysts have mixed ratings on PNC, with eight buy ratings, one sell rating, and a consensus price target of $212.76 reflecting expectations for growth.
• The PNC Financial Services Group recently increased its quarterly dividend from $1.60 to $1.70, resulting in an annual yield of 3.47%.

Atria Investments Inc cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 13.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,981 shares of the financial services provider's stock after selling 9,723 shares during the quarter. Atria Investments Inc's holdings in The PNC Financial Services Group were worth $11,070,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Norges Bank acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $1,352,151,000. Massachusetts Financial Services Co. MA raised its stake in The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock valued at $1,670,249,000 after purchasing an additional 1,964,157 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $299,864,000. GAMMA Investing LLC raised its stake in The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in The PNC Financial Services Group by 166.1% in the 4th quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock valued at $265,436,000 after purchasing an additional 860,554 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent research reports. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and reduced their price objective for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Wells Fargo & Company dropped their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Finally, Truist Financial upped their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus price target of $212.76.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,061 shares of company stock valued at $1,199,723. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Down 0.1%

Shares of PNC traded down $0.20 during mid-day trading on Friday, hitting $195.95. 1,817,324 shares of the company's stock were exchanged, compared to its average volume of 2,743,946. The company has a market cap of $77.51 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 1.46 and a beta of 1.07. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. The stock's 50-day moving average is $184.26 and its 200-day moving average is $180.38.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.39 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.47%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

The PNC Financial Services Group Company 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.