Twinbeech Capital LP lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 98.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,885 shares of the financial services provider's stock after selling 318,130 shares during the period. Twinbeech Capital LP's holdings in The PNC Financial Services Group were worth $942,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Mechanics Financial Corp bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $541,000. AssuredPartners Investment Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $739,000. Premier Fund Managers Ltd lifted its holdings in shares of The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after acquiring an additional 13,700 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider's stock worth $7,739,000 after acquiring an additional 8,081 shares during the period. Finally, Mn Services Vermogensbeheer B.V. lifted its holdings in shares of The PNC Financial Services Group by 2.0% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider's stock worth $30,202,000 after acquiring an additional 3,100 shares during the period. Institutional investors own 83.53% of the company's stock.
Insider Activity at The PNC Financial Services Group
In related news, Director Martin Pfinsgraff acquired 1,000 shares of the stock in a transaction dated Friday, April 25th. The stock was bought at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the purchase, the director now directly owns 2,009 shares of the company's stock, valued at $317,863.98. The trade was a 99.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $190.18, for a total transaction of $236,203.56. Following the transaction, the chief executive officer now directly owns 569,783 shares in the company, valued at approximately $108,361,330.94. This represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,396 shares of company stock worth $2,773,072 in the last 90 days. Corporate insiders own 0.41% of the company's stock.
The PNC Financial Services Group Trading Up 1.6%
NYSE:PNC traded up $2.69 on Tuesday, reaching $174.51. 322,337 shares of the stock traded hands, compared to its average volume of 2,422,840. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 1-year low of $145.12 and a 1-year high of $216.26. The company's 50 day moving average is $165.09 and its 200-day moving average is $185.28. The firm has a market capitalization of $69.03 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. Equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.67%. The PNC Financial Services Group's payout ratio is 45.20%.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the stock. The Goldman Sachs Group cut their price target on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada lowered their price target on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Truist Financial dropped their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Morgan Stanley lowered their target price on The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus price target of $202.67.
Read Our Latest Report on The PNC Financial Services Group
About The PNC Financial Services Group
(
Free Report)
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.
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