Zurich Insurance Group Ltd FI Sells 51,257 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Zurich Insurance Group Ltd FI cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 32.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 104,363 shares of the financial services provider's stock after selling 51,257 shares during the period. Zurich Insurance Group Ltd FI's holdings in The PNC Financial Services Group were worth $20,126,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNC. Richardson Financial Services Inc. increased its position in shares of The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider's stock valued at $28,000 after buying an additional 140 shares during the period. Albion Financial Group UT bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $30,000. Synergy Asset Management LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Rialto Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Finally, Whipplewood Advisors LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $33,000. 83.53% of the stock is currently owned by institutional investors.

Insider Activity

In other The PNC Financial Services Group news, Director Martin Pfinsgraff acquired 1,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the acquisition, the director now owns 2,009 shares of the company's stock, valued at $317,863.98. This represents a 99.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $192.45, for a total value of $239,022.90. Following the completion of the sale, the chief executive officer now owns 571,025 shares of the company's stock, valued at $109,893,761.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,638 shares of company stock worth $3,012,095 over the last three months. 0.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PNC. Keefe, Bruyette & Woods decreased their price objective on shares of 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. JPMorgan Chase & Co. dropped their price objective on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Barclays dropped their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. Finally, 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. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $202.67.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $177.36 on Wednesday. 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 firm has a market capitalization of $70.16 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.55 and a beta of 1.06. The business has a fifty day simple moving average of $165.19 and a two-hundred day simple moving average of $186.07. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were issued 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 3.61%. The PNC Financial Services Group's payout ratio is presently 45.20%.

The PNC Financial Services Group Company Profile

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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