SteelPeak Wealth LLC reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 12.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,819 shares of the financial services provider's stock after selling 7,138 shares during the quarter. SteelPeak Wealth LLC's holdings in The PNC Financial Services Group were worth $7,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. 1832 Asset Management L.P. raised its stake in shares of The PNC Financial Services Group by 33.5% during the 1st quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider's stock worth $49,000 after buying an additional 67 shares during the last quarter. Bangor Savings Bank lifted its position in The PNC Financial Services Group by 1.2% during the 4th quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider's stock worth $888,000 after acquiring an additional 69 shares in the last quarter. KCM Investment Advisors LLC raised its position in shares of The PNC Financial Services Group by 7.1% in the 1st quarter. KCM Investment Advisors LLC now owns 1,194 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 79 shares in the last quarter. Caprock Group LLC raised its position in shares of The PNC Financial Services Group by 0.9% in the 4th quarter. Caprock Group LLC now owns 8,574 shares of the financial services provider's stock valued at $1,328,000 after purchasing an additional 79 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT increased its holdings in shares of The PNC Financial Services Group by 2.3% in the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 3,645 shares of the financial services provider's stock valued at $576,000 after acquiring an additional 82 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.
Insider Activity at The PNC Financial Services Group
In related news, EVP Michael J. Hannon sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now directly owns 36,570 shares of the company's stock, valued at approximately $5,442,347.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is owned by corporate insiders.
The PNC Financial Services Group Trading Down 0.2 %
Shares of PNC traded down $0.26 during mid-day trading on Thursday, hitting $156.88. 1,547,946 shares of the company's stock traded hands, compared to its average volume of 2,189,473. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $162.24. The firm has a market capitalization of $62.41 billion, a P/E ratio of 12.29, a PEG ratio of 1.81 and a beta of 1.18. The business's 50-day moving average price is $150.98 and its 200-day moving average price is $139.49.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, topping the consensus estimate of $2.12 by $1.04. The business had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The company's revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $3.49 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 12.41 EPS for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group's dividend payout ratio is currently 48.48%.
Analyst Ratings Changes
Several research analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a "neutral" rating in a research note on Monday. UBS Group increased their price objective on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a "neutral" rating in a report on Thursday, January 18th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. Odeon Capital Group upgraded The PNC Financial Services Group from a "hold" rating to a "buy" rating and set a $153.38 price objective for the company in a research report on Thursday, December 14th. Finally, Keefe, Bruyette & Woods raised their target price on The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an "underperform" rating in a research report on Wednesday, January 3rd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $154.18.
Check Out Our Latest Stock Analysis on PNC
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider The PNC Financial Services Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and The PNC Financial Services Group wasn't on the list.
While The PNC Financial Services Group currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for May 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
