Bessemer Group Inc. Decreases Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Bessemer Group Inc. cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 40.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,401 shares of the financial services provider's stock after selling 27,541 shares during the quarter. Bessemer Group Inc.'s holdings in The PNC Financial Services Group were worth $7,101,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PNC. Brighton Jones LLC grew its position in shares of The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 984 shares in the last quarter. IFP Advisors Inc boosted its stake in The PNC Financial Services Group by 14.7% during the fourth quarter. IFP Advisors Inc now owns 4,664 shares of the financial services provider's stock valued at $900,000 after buying an additional 597 shares during the period. Checchi Capital Advisers LLC boosted its stake in The PNC Financial Services Group by 2.6% during the fourth quarter. Checchi Capital Advisers LLC now owns 5,075 shares of the financial services provider's stock valued at $979,000 after buying an additional 130 shares during the period. Carlson Capital L.P. bought a new stake in The PNC Financial Services Group during the fourth quarter valued at $714,000. Finally, NewEdge Wealth LLC boosted its stake in The PNC Financial Services Group by 5.5% during the fourth quarter. NewEdge Wealth LLC now owns 20,139 shares of the financial services provider's stock valued at $3,884,000 after buying an additional 1,058 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 1.8%

NYSE PNC opened at $185.81 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. The stock has a 50-day moving average of $171.46 and a 200-day moving average of $180.48. The firm has a market cap of $73.50 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 1.53 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts' consensus estimates 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 10.95% and a net margin of 17.68%. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.44%. The PNC Financial Services Group's dividend payout ratio (DPR) is 45.20%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $179.14, for a total transaction of $222,491.88. Following the transaction, the chief executive officer now owns 556,121 shares in the company, valued at approximately $99,623,515.94. This represents a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president now owns 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,428 shares of company stock worth $1,882,322. Company insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Truist Financial dropped their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a research note on Wednesday, April 16th. Morgan Stanley dropped their price objective on The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $202.67.

About The PNC Financial Services Group

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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