Zions Bancorporation National Association UT Cuts Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Zions Bancorporation reduced its stake in PNC Financial Services by 11.9% in the fourth quarter, selling 5,820 shares and leaving it with 43,066 shares valued at about $8.99 million.
• PNC reported strong quarterly earnings, posting $4.32 per share versus the $3.92 consensus estimate, while revenue rose 13.1% year over year to $6.17 billion.
• Analysts remain broadly positive on the stock, with an average “Moderate Buy” rating and an average price target of $243.11; PNC also paid a quarterly dividend of $1.70 per share, equal to a 2.9% yield.

Zions Bancorporation National Association UT lessened its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 11.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,066 shares of the financial services provider's stock after selling 5,820 shares during the quarter. Zions Bancorporation National Association UT's holdings in The PNC Financial Services Group were worth $8,989,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. US Bancorp DE lifted its stake in shares of 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 worth $57,714,000 after acquiring 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% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after acquiring an additional 39,589 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after acquiring 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 4th quarter worth approximately $13,711,000. Finally, First Trust Advisors LP lifted its stake in shares of The PNC Financial Services Group by 27.4% during the 3rd quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider's stock worth $401,650,000 after acquiring an additional 430,261 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PNC shares. Morgan Stanley raised their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. Truist Financial raised their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. raised their price target on 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. Barclays upped their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, Oppenheimer upped their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. 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 company's stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and an average target price of $243.11.

The PNC Financial Services Group Stock Performance

PNC stock opened at $232.81 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50-day moving average price of $219.76 and a 200 day moving average price of $215.62. The company has a market capitalization of $93.49 billion, a P/E ratio of 13.53, a PEG ratio of 0.96 and a beta of 0.92. The PNC Financial Services Group, Inc has a 1-year low of $172.73 and a 1-year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm's quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.51 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company 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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