The PNC Financial Services Group, Inc $PNC Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC cut its PNC stake by 3.2% in the fourth quarter, selling 6,500 shares and ending with 198,650 shares worth about $41.5 million.
• PNC insiders also sold shares recently, including CEO William S. Demchak and EVP Louis Robert Cestello; insiders have sold 64,186 shares worth about $14.8 million over the last 90 days.
• The company reported stronger-than-expected quarterly earnings, with EPS of $4.32 beating estimates, while analysts currently rate the stock a Moderate Buy with an average price target of $243.11.

Gabelli Funds LLC lowered its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 198,650 shares of the financial services provider's stock after selling 6,500 shares during the period. Gabelli Funds LLC owned about 0.05% of The PNC Financial Services Group worth $41,464,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. YANKCOM Partnership raised its position in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock worth $539,000 after acquiring an additional 46 shares during the period. Westfuller Advisors LLC raised its position in shares of The PNC Financial Services Group by 26.9% in the fourth quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock worth $45,000 after acquiring an additional 46 shares during the period. Flavin Financial Services Inc. raised its position in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock worth $2,847,000 after acquiring an additional 48 shares during the period. Almanack Investment Partners LLC. raised its position in shares of The PNC Financial Services Group by 2.2% in the fourth quarter. Almanack Investment Partners LLC. now owns 2,349 shares of the financial services provider's stock worth $490,000 after acquiring an additional 50 shares during the period. Finally, North Star Investment Management Corp. raised its position in shares of The PNC Financial Services Group by 1.1% in the fourth quarter. North Star Investment Management Corp. now owns 4,784 shares of the financial services provider's stock worth $999,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Louis Robert Cestello sold 4,279 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction 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 represents a 18.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 50,000 shares of the company's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 in the last 90 days. 0.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNC. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. TD Cowen upped their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. boosted their target price on shares of 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. Finally, Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $243.11.

The PNC Financial Services Group Stock Up 0.2%

PNC stock opened at $213.17 on Monday. The stock has a market capitalization of $85.60 billion, a P/E ratio of 12.39, a P/E/G ratio of 0.88 and a beta of 0.94. The firm has a 50-day simple moving average of $213.47 and a 200-day simple moving average of $210.75. 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 PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its 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 business had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.51 earnings per share. Equities analysts forecast 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend 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 is currently 39.51%.

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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