The PNC Financial Services Group, Inc (NYSE:PNC) Shares Sold by Morton Community Bank

Key Points

• Morton Community Bank sold 85.3% of its position in The PNC Financial Services Group, reducing its holdings from 19,703 shares to 2,896 shares, valued at $509,000.
• The PNC Financial Services Group reported earnings of $3.85 per share for the last quarter, exceeding analysts' expectations, with a revenue increase of 4.6% compared to the same quarter last year.
• The company recently increased its quarterly dividend to $1.70 per share, resulting in an annualized dividend of $6.80 and a yield of 3.6%.

Morton Community Bank cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 85.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,896 shares of the financial services provider's stock after selling 16,807 shares during the period. Morton Community Bank's holdings in The PNC Financial Services Group were worth $509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in 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 valued at $779,000 after purchasing an additional 984 shares during the last quarter. Advisory Services Network LLC boosted its stake in shares of The PNC Financial Services Group by 12.5% in the 4th quarter. Advisory Services Network LLC now owns 7,794 shares of the financial services provider's stock valued at $1,503,000 after purchasing an additional 866 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.2% in the 4th quarter. Bessemer Group Inc. now owns 67,942 shares of the financial services provider's stock valued at $13,103,000 after purchasing an additional 799 shares during the last quarter. CenterBook Partners LP bought a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $827,000. Finally, F M Investments LLC boosted its stake in shares of The PNC Financial Services Group by 12.9% in the 4th quarter. F M Investments LLC now owns 65,964 shares of the financial services provider's stock valued at $12,721,000 after purchasing an additional 7,550 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on PNC shares. Truist Financial raised their target price on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research note on Wednesday, July 9th. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Barclays cut their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Citigroup increased their price target on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, The Goldman Sachs Group raised their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $214.17.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Trading Up 1.6%

The PNC Financial Services Group stock traded up $3.07 during midday trading on Tuesday, reaching $191.60. 652,907 shares of the stock traded hands, compared to its average volume of 2,356,844. The company has a 50-day simple moving average of $187.66 and a two-hundred day simple moving average of $179.66. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market cap of $75.45 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 1.41 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.39 EPS. Research analysts expect 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. Investors of record on Tuesday, July 15th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.5%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

About The PNC Financial Services Group

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.