The PNC Financial Services Group (NYSE:PNC) Director Sells $9,925,650.00 in Stock

Key Points

• PNC director Andrew Feldstein sold 45,000 shares on May 26 at an average price of $220.57, for a total of $9.93 million. After the sale, he still held 10,749 shares, cutting his ownership by about 80.7%.
• PNC shares dipped slightly in trading, down 0.4% to $219.94, while the company continued to trade near its 50-day and 200-day moving averages. The stock has ranged from $170.49 to $243.94 over the past year.
• The company posted solid quarterly results and a dividend, reporting EPS of $4.32, above analyst expectations, and revenue of $6.17 billion. PNC also paid a quarterly dividend of $1.70, equal to a 3.1% annualized yield.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) Director Andrew Feldstein sold 45,000 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

The PNC Financial Services Group Stock Down 0.4%

NYSE:PNC traded down $0.86 during trading hours on Thursday, reaching $219.94. The company's stock had a trading volume of 1,591,195 shares, compared to its average volume of 2,457,267. The company has a market cap of $88.32 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 0.92 and a beta of 0.94. The PNC Financial Services Group, Inc has a one year low of $170.49 and a one year high of $243.94. The business's 50-day moving average is $215.54 and its 200-day moving average is $212.73. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group's revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.51 earnings per share. Equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm 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. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's dividend payout ratio is currently 39.51%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PNC. Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a "buy" rating and a $250.00 price target for the company. Truist Financial upped their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $243.11.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of hedge funds have recently bought and sold shares of the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the third quarter valued at about $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the first quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC raised its position in shares of The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after buying an additional 71 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

About The PNC Financial Services Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.