Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 38,239 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in The PNC Financial Services Group by 43.2%, owning 50,183 shares after selling 38,239 shares during the first quarter.
• CEO William S. Demchak sold 1,242 shares of the company, decreasing his ownership by 0.22%, while insiders hold 0.41% of the stock.
• Analyst ratings show a consensus of "Moderate Buy" for PNC stock, with a consensus price target of $214.17 following various upgrades from different firms.

Fjarde AP Fonden Fourth Swedish National Pension Fund lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 43.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,183 shares of the financial services provider's stock after selling 38,239 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in The PNC Financial Services Group were worth $8,821,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of 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. Guggenheim Capital LLC boosted its holdings in shares of The PNC Financial Services Group by 37.3% during the 4th quarter. Guggenheim Capital LLC now owns 40,013 shares of the financial services provider's stock worth $7,717,000 after buying an additional 10,874 shares during the period. Jump Financial LLC boosted its holdings in shares of The PNC Financial Services Group by 14.6% during the 4th quarter. Jump Financial LLC now owns 2,503 shares of the financial services provider's stock worth $483,000 after buying an additional 318 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of The PNC Financial Services Group by 9.0% during the 4th quarter. NewEdge Advisors LLC now owns 30,522 shares of the financial services provider's stock worth $5,886,000 after buying an additional 2,519 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $2,945,000. Institutional investors own 83.53% of the company's stock.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Trading Up 0.7%

Shares of The PNC Financial Services Group stock opened at $194.67 on Friday. The firm has a market capitalization of $76.66 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.43 and a beta of 1.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The firm's 50 day moving average is $188.72 and its 200 day moving average is $179.78. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. During the same period in the previous year, the firm posted $3.39 EPS. The firm's revenue was up 4.6% on a year-over-year basis. Equities research analysts forecast 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 firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's payout ratio is presently 46.51%.

Analyst Upgrades and Downgrades

Several analysts recently commented on PNC shares. Oppenheimer raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price for the company in a report on Wednesday, July 30th. Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. TD Cowen began coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective for the company. Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their price objective for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Finally, Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.