Independent Solutions Wealth Management LLC Lowers Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Independent Solutions Wealth Management LLC cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 49.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,284 shares of the financial services provider’s stock after selling 1,237 shares during the period. Independent Solutions Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $237,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Fidelity D & D Bancorp Inc. raised its stake in shares of The PNC Financial Services Group by 1.4% in the third quarter. Fidelity D & D Bancorp Inc. now owns 9,708 shares of the financial services provider’s stock valued at $1,795,000 after acquiring an additional 138 shares in the last quarter. Franklin Resources Inc. raised its position in The PNC Financial Services Group by 1.2% in the 3rd quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider’s stock valued at $1,939,154,000 after purchasing an additional 123,994 shares in the last quarter. Synovus Financial Corp boosted its stake in shares of The PNC Financial Services Group by 3.7% in the 3rd quarter. Synovus Financial Corp now owns 14,232 shares of the financial services provider’s stock valued at $2,631,000 after buying an additional 509 shares during the period. Wilmington Savings Fund Society FSB grew its position in shares of The PNC Financial Services Group by 86.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 34,446 shares of the financial services provider’s stock worth $6,367,000 after buying an additional 15,962 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its stake in shares of The PNC Financial Services Group by 3.8% during the third quarter. Sanctuary Advisors LLC now owns 97,908 shares of the financial services provider’s stock worth $18,098,000 after buying an additional 3,595 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $190.03 on Friday. The company’s 50 day simple moving average is $199.86 and its 200-day simple moving average is $181.09. The firm has a market cap of $75.40 billion, a PE ratio of 16.06, a price-to-earnings-growth ratio of 2.11 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the firm posted $3.60 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now directly owns 915 shares in the company, valued at $170,299.80. This represents a 48.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,030 shares of company stock valued at $5,894,320. 0.42% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday, October 16th. Stephens lifted their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Citigroup increased their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $200.81.

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.