The PNC Financial Services Group, Inc $PNC Shares Sold by Anchor Capital Advisors LLC

Key Points

• Anchor Capital Advisors trimmed its PNC stake by 1.5% in the fourth quarter, selling 5,273 shares and ending with 339,759 shares valued at about $70.9 million.
• PNC beat earnings expectations in its latest quarter, posting $4.32 EPS versus $3.92 expected, while revenue rose 13.1% year over year to $6.17 billion.
• The bank also highlighted shareholder returns, announcing a quarterly dividend of $1.70 per share, which annualizes to $6.80 and a yield of about 3.1%.

Anchor Capital Advisors LLC reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 339,759 shares of the financial services provider's stock after selling 5,273 shares during the quarter. The PNC Financial Services Group accounts for approximately 2.0% of Anchor Capital Advisors LLC's portfolio, making the stock its 7th largest holding. Anchor Capital Advisors LLC owned 0.09% of The PNC Financial Services Group worth $70,918,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PNC. Brighton Jones LLC lifted its holdings in shares of The PNC Financial Services Group by 32.2% in the fourth 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 in the last quarter. Empowered Funds LLC increased its stake in shares of The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after purchasing an additional 170 shares in the last quarter. Sivia Capital Partners LLC raised its position in shares of The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after purchasing an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina raised its position in shares of The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after purchasing an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in The PNC Financial Services Group in the 2nd quarter valued at approximately $482,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on PNC. Bank of America raised their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Truist Financial increased 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 note on Thursday, April 16th. Oppenheimer lifted their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Finally, Barclays upped their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $243.11.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $221.29 on Wednesday. The business's 50-day moving average price is $216.56 and its 200 day moving average price is $213.46. The PNC Financial Services Group, Inc has a twelve month low of $172.73 and a twelve month high of $243.94. The company has a market capitalization of $88.86 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 0.90 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm's revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.51 EPS. On average, research analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company 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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