Jennison Associates LLC reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,220,014 shares of the financial services provider's stock after selling 114,615 shares during the quarter. Jennison Associates LLC owned about 0.31% of The PNC Financial Services Group worth $254,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $25,000. Westfuller Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $34,000. Beacon Financial Strategies CORP purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $35,000. JPL Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $37,000. Finally, Financial Life Planners purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president directly owned 1,942 shares in the company, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 in the last three months. 0.38% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on PNC. Truist Financial raised their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 20th. Finally, Oppenheimer raised their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus target price of $241.69.
Read Our Latest Report on PNC
The PNC Financial Services Group Stock Up 0.8%
NYSE:PNC opened at $220.41 on Thursday. The PNC Financial Services Group, Inc has a twelve month low of $158.92 and a twelve month high of $243.94. The company has a market cap of $88.91 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 0.92 and a beta of 0.96. The stock has a fifty day simple moving average of $214.05 and a 200-day simple moving average of $208.19. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00.
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 earnings per share 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 business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period last year, the company earned $3.51 earnings per share. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.
The PNC Financial Services Group Profile
(
Free Report)
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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