Securian Asset Management Inc. Sells 8,356 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Securian Asset Management cut its stake in PNC by 43.9% in the fourth quarter, selling 8,356 shares and leaving it with 10,663 shares valued at about $2.23 million.
• Insiders also sold shares, including CEO William S. Demchak and EVP Louis Robert Cestello, with total insider sales over the last 90 days reaching 64,186 shares worth about $14.84 million.
• PNC posted solid quarterly results, beating EPS estimates with $4.32 per share and maintaining a 3.2% dividend yield; analysts currently rate the stock a “Moderate Buy” with an average price target of $243.11.

Securian Asset Management Inc. trimmed its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 43.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,663 shares of the financial services provider's stock after selling 8,356 shares during the quarter. Securian Asset Management Inc.'s holdings in The PNC Financial Services Group were worth $2,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in shares of The PNC Financial Services Group during the third quarter worth about $25,000. Westfuller Advisors LLC bought a new position in shares of The PNC Financial Services Group during the third quarter worth about $34,000. Beacon Financial Strategies CORP bought a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $35,000. JPL Wealth Management LLC bought a new position in shares of The PNC Financial Services Group during the third quarter worth about $37,000. Finally, Financial Life Planners bought a new position in shares of The PNC Financial Services Group during the third quarter worth about $39,000. 83.53% of the stock is currently owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president owned 18,867 shares of the company's stock, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 $127,970,781.12. This trade represents a 8.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is currently owned by insiders.

The PNC Financial Services Group Trading Down 0.9%

Shares of The PNC Financial Services Group stock opened at $214.79 on Tuesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94. The stock has a 50 day moving average price of $213.49 and a two-hundred day moving average price of $209.92. The stock has a market capitalization of $86.25 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 0.90 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter last year, the firm posted $3.51 earnings per share. The company's revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, equities 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Royal Bank Of Canada restated 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. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Truist Financial raised their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $243.11.

About The PNC Financial Services Group

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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