The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Viking Fund Management LLC

Viking Fund Management LLC cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,000 shares of the financial services provider’s stock after selling 600 shares during the period. Viking Fund Management LLC’s holdings in The PNC Financial Services Group were worth $1,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Winch Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $25,000. Valley Wealth Managers Inc. raised its position in The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in The PNC Financial Services Group in the third quarter valued at approximately $51,000. Quarry LP boosted its position in The PNC Financial Services Group by 141.7% in the 2nd quarter. Quarry LP now owns 290 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 170 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of The PNC Financial Services Group by 231.6% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 220 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNC. Piper Sandler increased 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 report on Tuesday, December 3rd. Truist Financial lifted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Compass Point increased their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Evercore ISI upped their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Citigroup boosted 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 report on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $205.00.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the sale, the chief executive officer now directly owns 526,313 shares in the company, valued at $101,515,251.44. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction that occurred 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 completion of the transaction, the director now owns 38,649 shares of the company’s stock, valued at $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 28,171 shares of company stock worth $5,768,325 over the last ninety days. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $198.59 on Wednesday. The stock has a fifty day simple moving average of $200.92 and a 200-day simple moving average of $188.02. 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 stock has a market cap of $78.80 billion, a PE ratio of 14.44, a P/E/G ratio of 1.62 and a beta of 1.16. 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 announced its 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 company had revenue of $5.57 billion during the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $3.16 earnings per share. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.2 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 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.