Pacer Advisors Inc. Sells 11,469 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Pacer Advisors Inc. reduced its stake in The PNC Financial Services Group by 36.1%, selling 11,469 shares and now holding 20,293 shares valued at approximately $3.57 million.
• The PNC Financial Services Group recently increased its dividend from $1.60 to $1.70 per share, marking an annualized yield of 3.52%.
• Analysts have issued mixed ratings on PNC stock, with a consensus rating of "Moderate Buy" and an average price target of $212.76.

Pacer Advisors Inc. lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 36.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,293 shares of the financial services provider's stock after selling 11,469 shares during the quarter. Pacer Advisors Inc.'s holdings in The PNC Financial Services Group were worth $3,567,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. grew its stake in The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after acquiring an additional 549,278 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares during the period. Northern Trust Corp boosted its position in The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares during the period. Bank of New York Mellon Corp boosted its position in The PNC Financial Services Group by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock worth $713,063,000 after purchasing an additional 186,249 shares during the period. Finally, Royal Bank of Canada boosted its position in The PNC Financial Services Group by 5.3% during the fourth quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock worth $689,084,000 after purchasing an additional 179,760 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Truist Financial upped their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Morgan Stanley upped their target price on The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada cut their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,218 shares of company stock worth $900,918. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded down $5.42 during trading hours on Friday, hitting $184.85. 1,159,767 shares of the company's stock were exchanged, compared to its average volume of 2,398,651. The stock's 50-day moving average is $185.64 and its 200-day moving average is $180.38. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $73.12 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 1.43 and a beta of 1.07. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for 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 revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.39 earnings per share. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be issued a $1.70 dividend. 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 3.7%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is 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.