The PNC Financial Services Group, Inc $PNC Shares Sold by Chevy Chase Trust Holdings LLC

Key Points

• Large institutional shifts: Big funds added to PNC—Norges Bank started a ~$1.48B stake and Viking Global boosted holdings to 7.96M shares (~$1.60B)—and institutional/hedge fund ownership sits at about 83.53%.
• Insider selling: CEO William S. Demchak sold 50,000 shares for $11.54M (an 8.27% cut to his stake), and insiders have sold 64,186 shares worth $14.84M in the past 90 days, leaving insiders with roughly 0.41% ownership.
• Earnings beat and analyst support: PNC reported Q earnings of $4.88 EPS (vs. $4.23 est.) and $6.07B revenue, prompting multiple price-target increases and a consensus rating of "Moderate Buy" with an average target of $234.44; the stock yields 3.4% (annualized $6.80).

Chevy Chase Trust Holdings LLC lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 205,899 shares of the financial services provider's stock after selling 8,339 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of The PNC Financial Services Group worth $41,371,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $1,477,836,000. Viking Global Investors LP increased its holdings in shares of The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. AQR Capital Management LLC increased its holdings in shares of The PNC Financial Services Group by 134.9% in the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider's stock valued at $622,450,000 after purchasing an additional 1,917,530 shares during the period. Wellington Management Group LLP raised its stake in shares of The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after purchasing an additional 1,162,964 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of The PNC Financial Services Group by 43.8% during the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider's stock worth $517,598,000 after purchasing an additional 845,148 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 50,000 shares of the 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 sale, the chief executive officer directly owned 554,274 shares in the company, valued at $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $1,001,328.79. Following the transaction, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,186 shares of company stock worth $14,840,973 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on PNC. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a "hold" rating in a research report on Thursday, December 18th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 20th. Royal Bank Of Canada raised their target price on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. lifted their target price on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an "overweight" rating in a report on Monday, February 9th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $234.44.

The PNC Financial Services Group Trading Down 0.8%

Shares of PNC stock opened at $200.98 on Monday. The stock has a market cap of $81.07 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.84 and a beta of 0.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The business has a fifty day simple moving average of $221.54 and a 200-day simple moving average of $205.28.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.77 EPS. On average, analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group's dividend payout ratio is 40.99%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.