Prudential PLC Trims Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Prudential PLC reduced its stake in The PNC Financial Services Group by 44.2% in the fourth quarter, selling 54,657 shares and leaving it with 68,961 shares worth about $14.4 million.
• PNC reported stronger-than-expected earnings for the quarter, with EPS of $4.32 beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• Analysts remain broadly positive on PNC, with a consensus rating of “Moderate Buy” and an average price target of $243.11, even as some insiders and funds have trimmed positions.

Prudential PLC lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 44.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,961 shares of the financial services provider's stock after selling 54,657 shares during the period. Prudential PLC's holdings in The PNC Financial Services Group were worth $14,394,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Quarry LP purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $25,000. Beacon Financial Strategies CORP bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $35,000. JPL Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $37,000. Financial Life Planners bought a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $39,000. Finally, Cornerstone Planning Group LLC boosted its position in The PNC Financial Services Group by 2,100.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $228.76 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The business's 50 day moving average price is $218.12 and its 200-day moving average price is $214.36. The PNC Financial Services Group, Inc has a 52 week low of $172.73 and a 52 week high of $243.94. The stock has a market cap of $91.86 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.94 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts' consensus estimates 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 for 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 business's revenue for the quarter was up 13.1% compared to the same quarter last year. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is currently 39.51%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Citigroup lifted their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Truist Financial lifted their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Finally, Oppenheimer lifted their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average price target of $243.11.

Insider Activity

In other 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 value of $9,925,650.00. Following the completion of the transaction, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is currently owned by corporate insiders.

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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