Intech Investment Management LLC Cuts Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Intech Investment Management LLC cut its stake in PNC by 41.5% in the fourth quarter, selling 16,919 shares and leaving it with 23,884 shares valued at about $4.99 million.
• PNC’s latest earnings beat estimates, with EPS of $4.32 versus the expected $3.92, while revenue grew 13.1% year over year to $6.17 billion. Analysts currently have a Moderate Buy consensus and an average price target of $243.11.
• The company paid a quarterly dividend of $1.70 per share, annualizing to $6.80 and a yield of about 3.1%. Meanwhile, director Andrew T. Feldstein sold 45,000 shares in late May, reducing his position by more than 80%.

Intech Investment Management LLC lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 41.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,884 shares of the financial services provider's stock after selling 16,919 shares during the quarter. Intech Investment Management LLC's holdings in The PNC Financial Services Group were worth $4,985,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cvfg LLC raised its holdings in shares of The PNC Financial Services Group by 2.5% in the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after buying an additional 43 shares during the period. YANKCOM Partnership raised its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock valued at $539,000 after buying an additional 46 shares during the period. Westfuller Advisors LLC raised its holdings in shares of The PNC Financial Services Group by 26.9% in the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock valued at $45,000 after buying an additional 46 shares during the period. Flavin Financial Services Inc. raised its holdings in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock valued at $2,847,000 after buying an additional 48 shares during the period. Finally, Almanack Investment Partners LLC. raised its holdings in shares of The PNC Financial Services Group by 2.2% in the 4th quarter. Almanack Investment Partners LLC. now owns 2,349 shares of the financial services provider's stock valued at $490,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

PNC has been the topic of several research analyst reports. Barclays boosted their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. 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 report on Wednesday, April 15th. 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 report on Thursday, April 16th. JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Finally, Oppenheimer boosted their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average price target of $243.11.

The PNC Financial Services Group Trading Up 0.1%

PNC opened at $221.36 on Monday. The PNC Financial Services Group, Inc has a 12 month low of $170.49 and a 12 month high of $243.94. The stock has a market capitalization of $88.89 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 0.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The business has a fifty day moving average price of $216.27 and a 200 day moving average price of $213.24.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping 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 firm had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period in the previous year, the firm posted $3.51 EPS. The PNC Financial Services Group's revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is owned by company insiders.

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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