Glenmede Investment Management LP Reduces Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Glenmede Investment Management trimmed its stake in PNC by 2.8% in Q3, selling 13,715 shares and reducing its holding to 478,783 shares worth about $96.2 million (≈0.12% of the company).
• Insiders have been net sellers—64,186 shares valued at $14.84 million were sold over the last three months, including EVP Alexander E.C. Overstrom (2,500 shares) and EVP Richard Kevin Bynum (7,407 shares); insiders now own roughly 0.41% of PNC.
• Analysts maintain a consensus "Moderate Buy" with an average target of $234.44 after PNC beat quarterly estimates (EPS $4.88 vs. $4.23) and pays a $1.70 quarterly dividend (3.4% yield).

Glenmede Investment Management LP lessened its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 478,783 shares of the financial services provider's stock after selling 13,715 shares during the period. Glenmede Investment Management LP owned 0.12% of The PNC Financial Services Group worth $96,202,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Westfuller Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $34,000. Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 3rd quarter valued at $39,000. Bayforest Capital Ltd increased its position in The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider's stock worth $42,000 after buying an additional 147 shares in the last quarter. Corundum Trust Company INC purchased a new position in The PNC Financial Services Group during the third quarter worth $49,000. Finally, Country Trust Bank raised its holdings in shares of The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider's stock worth $49,000 after acquiring an additional 68 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the sale, the executive vice president directly owned 21,120 shares of the company's stock, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the sale, the executive vice president owned 1,942 shares of the company's stock, valued at approximately $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock valued at $14,840,973 over the last three months. Insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on PNC. Morgan Stanley increased their price objective on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an "underweight" rating in a research note on Tuesday, January 20th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a "hold" rating in a research note on Thursday, December 18th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an "overweight" rating in a report on Tuesday, January 20th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $234.44.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $200.98 on Friday. The company has a market cap of $81.07 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.85 and a beta of 0.98. The business has a fifty day simple moving average of $221.54 and a 200-day simple moving average of $205.28. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $243.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same period in the prior year, the business posted $3.77 earnings per share. The firm's revenue for the quarter was up 9.1% compared to the same quarter last year. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group's dividend payout ratio is presently 40.99%.

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.

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