Massachusetts Financial Services Co. MA Sells 73,129 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Massachusetts Financial Services Co. trimmed its PNC stake by 73,129 shares (0.8%) in Q4 and now owns 8,535,855 shares (~2.18% of PNC) valued at about $1.78 billion.
• Company insiders sold a total of 64,186 shares in the past three months — notably EVP Richard Kevin Bynum (7,407 shares) and CEO William S. Demchak (50,000 shares) — representing roughly $14.84 million in sales and leaving insiders with 0.38% ownership.
• PNC beat expectations for the quarter with $4.88 EPS (vs. $4.23 est.) and $6.07 billion revenue, announced a $1.70 quarterly dividend (3.1% yield), and holds an average analyst rating of "Moderate Buy" with a $237.53 target.

Massachusetts Financial Services Co. MA lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,535,855 shares of the financial services provider's stock after selling 73,129 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.18% of The PNC Financial Services Group worth $1,781,689,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings 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 worth $779,000 after acquiring an additional 984 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after acquiring an additional 170 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after acquiring an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after acquiring an additional 2,808 shares in the last quarter. Finally, Osterweis Capital Management Inc. bought a new stake in shares of The PNC Financial Services Group in the second quarter worth about $256,000. Institutional investors own 83.53% of the company's stock.

Insiders Place Their Bets

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 1,942 shares of the company's stock, valued at $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PNC. Morgan Stanley lowered their price target on The PNC Financial Services Group from $283.00 to $263.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a "market perform" rating in a report on Tuesday, January 20th. TD Cowen increased their price target on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, January 20th. Royal Bank Of Canada increased their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, January 20th. Finally, Truist Financial increased their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a "hold" rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $237.53.

The PNC Financial Services Group Stock Down 0.8%

PNC stock opened at $221.38 on Friday. 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 business has a 50 day moving average price of $217.09 and a two-hundred day moving average price of $205.83. The company has a market cap of $89.30 billion, a price-to-earnings ratio of 13.34, a P/E/G ratio of 1.02 and a beta of 0.96. The PNC Financial Services Group, Inc has a twelve month low of $148.21 and a twelve month high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $6.07 billion during the quarter, compared to analysts' expectations of $5.90 billion. During the same period last year, the firm posted $3.77 earnings per share. The business's revenue was up 9.1% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 40.99%.

The PNC Financial Services Group Profile

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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