Trillium Asset Management LLC Has $47.68 Million Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Trillium Asset Management LLC has increased its stake in The PNC Financial Services Group by 8.8%, acquiring an additional 22,042 shares, bringing its total holdings to 271,265 shares valued at approximately $47.68 million.
• CEO William S. Demchak sold 1,242 shares for about $210,830, reducing his ownership to 554,879 shares valued at roughly $94.19 million.
• The PNC Financial Services Group announced an increase in its quarterly dividend from $1.60 to $1.70 per share, reflecting a 3.6% dividend yield and a payout ratio of 46.51%.

Trillium Asset Management LLC boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 271,265 shares of the financial services provider's stock after purchasing an additional 22,042 shares during the period. The PNC Financial Services Group comprises 1.4% of Trillium Asset Management LLC's portfolio, making the stock its 13th largest position. Trillium Asset Management LLC owned 0.07% of The PNC Financial Services Group worth $47,680,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after purchasing an additional 984 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of The PNC Financial Services Group by 3.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 142,226 shares of the financial services provider's stock worth $27,416,000 after purchasing an additional 4,770 shares during the last quarter. Townsquare Capital LLC lifted its holdings in shares of The PNC Financial Services Group by 29.5% in the 4th quarter. Townsquare Capital LLC now owns 23,567 shares of the financial services provider's stock worth $4,545,000 after purchasing an additional 5,363 shares during the last quarter. Sagespring Wealth Partners LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $946,000. Finally, Advisors Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Advisors Capital Management LLC now owns 19,233 shares of the financial services provider's stock worth $3,709,000 after purchasing an additional 340 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PNC shares. Royal Bank Of Canada cut their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Truist Financial raised their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. Oppenheimer raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price target on the stock in a report on Wednesday, July 30th. The Goldman Sachs Group raised their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Raymond James Financial upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price on the stock in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $214.17.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $2.14 during trading hours on Wednesday, hitting $193.37. 1,506,096 shares of the company were exchanged, compared to its average volume of 1,895,328. The company has a market capitalization of $76.15 billion, a PE ratio of 13.23, a PEG ratio of 1.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a fifty day simple moving average of $188.32 and a 200-day simple moving average of $179.84. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company's revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company posted $3.39 EPS. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.80 annualized dividend and a dividend yield of 3.5%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is 46.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.41% of the stock is currently owned by corporate insiders.

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.