University of Texas Texas AM Investment Management Co. Sells 14,959 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• University of Texas Texas AM Investment Management Co. cut its PNC stake by 69% in the fourth quarter, selling 14,959 shares and ending with 6,709 shares valued at about $1.4 million.
• PNC reported better-than-expected Q1 earnings of $4.32 per share, beating estimates by $0.40, while revenue rose 13.1% year over year to $6.17 billion.
• The company continues to draw mixed but generally positive analyst sentiment, with an average rating of “Moderate Buy” and an average price target of $246.72; it also pays a 3.0% dividend yield.

University of Texas Texas AM Investment Management Co. lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 69.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,709 shares of the financial services provider's stock after selling 14,959 shares during the period. University of Texas Texas AM Investment Management Co.'s holdings in The PNC Financial Services Group were worth $1,400,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. US Bancorp DE grew its position in The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after purchasing an additional 34,009 shares during the last quarter. Truist Financial Corp lifted its stake in shares of The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after buying an additional 39,589 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after buying an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $13,711,000. Finally, Stoneridge Investment Partners LLC increased its position in shares of The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock valued at $4,953,000 after acquiring an additional 8,818 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $230.01 on Tuesday. The stock has a 50-day simple moving average of $221.21 and a two-hundred day simple moving average of $216.56. 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 PNC Financial Services Group, Inc has a 52-week low of $172.88 and a 52-week high of $243.94. The firm has a market capitalization of $92.36 billion, a PE ratio of 13.36, a P/E/G ratio of 0.99 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the company posted $3.51 EPS. The firm's revenue was up 13.1% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The PNC Financial Services Group's payout ratio is currently 39.51%.

Analysts Set New Price Targets

PNC has been the topic of several recent analyst reports. Morgan Stanley increased their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Oppenheimer increased their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Finally, Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $246.72.

Insider Activity

In related news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company's stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm'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 completion of the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.38% of the company's stock.

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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