Perpetual Ltd Sells 2,945 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Perpetual Ltd trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 26.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,107 shares of the financial services provider’s stock after selling 2,945 shares during the quarter. Perpetual Ltd’s holdings in The PNC Financial Services Group were worth $1,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Chesapeake Wealth Management lifted its holdings in shares of The PNC Financial Services Group by 4.8% during the fourth quarter. Chesapeake Wealth Management now owns 1,411 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 65 shares during the last quarter. Ballentine Partners LLC increased its position in The PNC Financial Services Group by 10.2% during the 4th quarter. Ballentine Partners LLC now owns 7,679 shares of the financial services provider’s stock valued at $1,481,000 after buying an additional 711 shares in the last quarter. Addenda Capital Inc. raised its stake in The PNC Financial Services Group by 21.0% during the fourth quarter. Addenda Capital Inc. now owns 43,127 shares of the financial services provider’s stock valued at $8,317,000 after buying an additional 7,491 shares during the last quarter. New Hampshire Trust boosted its holdings in The PNC Financial Services Group by 1.7% in the fourth quarter. New Hampshire Trust now owns 13,065 shares of the financial services provider’s stock worth $2,520,000 after acquiring an additional 218 shares in the last quarter. Finally, Amplius Wealth Advisors LLC increased its holdings in shares of The PNC Financial Services Group by 10.0% during the fourth quarter. Amplius Wealth Advisors LLC now owns 1,325 shares of the financial services provider’s stock valued at $256,000 after acquiring an additional 120 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $189.50, for a total transaction of $235,359.00. Following the sale, the chief executive officer now directly owns 543,523 shares in the company, valued at $102,997,608.50. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,171 shares of company stock valued at $5,768,325 in the last ninety days. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of analyst reports. Citigroup upped their price target on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Stephens reiterated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a report on Friday, January 17th. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler boosted their price target on 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus target price of $205.00.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $198.59 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $78.80 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.85 and a beta of 1.16. The firm’s 50 day moving average price is $201.17 and its 200-day moving average price is $187.72. The PNC Financial Services Group, Inc. has a twelve month low of $139.69 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $3.16 EPS. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.03 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

About The PNC Financial Services Group

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.