Motco Reduces Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Motco has reduced its stake in The PNC Financial Services Group by 13.7%, now holding 23,152 shares valued at approximately $4.07 million.
• The PNC Financial Services Group reported $3.85 EPS for the last quarter, exceeding analysts' expectations of $3.56, and achieved a 4.6% revenue increase year-over-year.
• PNC recently announced an increase in its quarterly dividend to $1.70 per share, raising the annualized dividend yield to 3.47%.

Motco lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 13.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 23,152 shares of the financial services provider's stock after selling 3,684 shares during the period. Motco's holdings in The PNC Financial Services Group were worth $4,069,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. HB Wealth Management LLC raised its position in shares of The PNC Financial Services Group by 18.8% in the first quarter. HB Wealth Management LLC now owns 51,133 shares of the financial services provider's stock worth $8,988,000 after acquiring an additional 8,077 shares during the period. Angeles Wealth Management LLC lifted its position in shares of The PNC Financial Services Group by 13.4% during the 1st quarter. Angeles Wealth Management LLC now owns 1,270 shares of the financial services provider's stock valued at $223,000 after buying an additional 150 shares in the last quarter. Heartland Advisors Inc. increased its holdings in The PNC Financial Services Group by 0.6% in the 1st quarter. Heartland Advisors Inc. now owns 24,446 shares of the financial services provider's stock worth $4,297,000 after acquiring an additional 151 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in The PNC Financial Services Group by 2.9% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 112,131 shares of the financial services provider's stock worth $19,709,000 after acquiring an additional 3,200 shares during the period. Finally, Nicholas Wealth LLC. grew its position in shares of The PNC Financial Services Group by 8.5% in the first quarter. Nicholas Wealth LLC. now owns 4,803 shares of the financial services provider's stock valued at $844,000 after purchasing an additional 378 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded down $2.05 during mid-day trading on Monday, hitting $194.00. 1,483,979 shares of the stock were exchanged, compared to its average volume of 2,696,194. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $76.74 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 1.46 and a beta of 1.07. The stock's fifty day simple moving average is $184.26 and its two-hundred day simple moving average is $180.18.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.39 EPS. On average, 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.51%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PNC shares. Royal Bank Of Canada decreased their price target on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price objective on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. The Goldman Sachs Group raised their price target 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. Truist Financial upped 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 report on Wednesday, July 9th. Finally, TD Cowen started coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $212.76.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on 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 directly owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,460 shares of company stock valued at $1,103,563 in the last 90 days. Company insiders own 0.41% of the company's stock.

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.