The PNC Financial Services Group, Inc $PNC Shares Sold by Lansforsakringar Fondforvaltning AB publ

Key Points

• Lansforsakringar Fondforvaltning AB publ cut its stake in PNC by 3.2% in the first quarter, selling 4,149 shares and ending with 125,336 shares valued at about $26.1 million.
• Insider selling continued, with EVP Stephanie Novosel and EVP Michael Duane Thomas both selling shares in June; insiders sold a total of 48,300 shares worth about $10.7 million over the past three months.
• PNC shares were trading near $246.06 after the company beat quarterly EPS estimates, and analysts remain generally positive with an average Moderate Buy rating and a consensus price target of $249.56.

Lansforsakringar Fondforvaltning AB publ reduced its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,336 shares of the financial services provider's stock after selling 4,149 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in The PNC Financial Services Group were worth $26,081,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group during the 4th quarter worth $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the third quarter valued at $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at about $29,000. Kemnay Advisory Services Inc. acquired a new stake in The PNC Financial Services Group in the fourth quarter worth about $32,000. Finally, EFG International AG bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity

In related news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 over the last three months. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Trading Down 0.3%

Shares of NYSE:PNC opened at $246.06 on Wednesday. The stock has a market capitalization of $98.81 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.01 and a beta of 0.92. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $249.01. 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 company has a 50 day moving average price of $225.49 and a 200 day moving average price of $219.86.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the prior year, the company earned $3.51 earnings per share. The firm's revenue was up 13.1% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 18.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNC. Truist Financial upped their price target on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a "hold" rating in a research note on Friday, June 26th. Oppenheimer boosted their target price on The PNC Financial Services Group from $268.00 to $271.00 and gave the stock an "outperform" rating in a report on Tuesday. Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Bank of America increased their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. lifted their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $249.56.

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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