Granite Group Advisors LLC Reduces Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Granite Group Advisors LLC decreased its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,386 shares of the financial services provider’s stock after selling 1,057 shares during the quarter. The PNC Financial Services Group accounts for approximately 1.8% of Granite Group Advisors LLC’s investment portfolio, making the stock its 5th biggest holding. Granite Group Advisors LLC’s holdings in The PNC Financial Services Group were worth $2,774,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of The PNC Financial Services Group by 2.4% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock worth $434,000 after buying an additional 53 shares in the last quarter. Vista Investment Partners LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $3,251,000. Asio Capital LLC lifted its position in shares of The PNC Financial Services Group by 697.3% during the 4th quarter. Asio Capital LLC now owns 11,720 shares of the financial services provider’s stock worth $2,260,000 after buying an additional 10,250 shares in the last quarter. First Citizens Bank & Trust Co. lifted its position in shares of The PNC Financial Services Group by 3.7% during the 4th quarter. First Citizens Bank & Trust Co. now owns 7,891 shares of the financial services provider’s stock worth $1,522,000 after buying an additional 285 shares in the last quarter. Finally, Insight Inv LLC lifted its position in shares of The PNC Financial Services Group by 5.2% during the 4th quarter. Insight Inv LLC now owns 10,312 shares of the financial services provider’s stock worth $1,989,000 after buying an additional 508 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.9 %

PNC opened at $199.49 on Monday. The company has a fifty day moving average price of $200.29 and a 200-day moving average price of $188.61. The firm has a market capitalization of $79.15 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.59 and a beta of 1.16. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The firm 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 business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.16 EPS. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

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 issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Wall Street Analyst Weigh In

Several equities analysts have commented on PNC shares. Evercore ISI lifted their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 16th. Citigroup raised 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. Truist Financial raised their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Finally, Piper Sandler raised 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. 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $205.00.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value 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. The trade was a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $208.12, for a total transaction of $258,485.04. Following the completion of the sale, the chief executive officer now directly owns 536,249 shares of the company’s stock, valued at $111,604,141.88. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,171 shares of company stock valued at $5,777,926. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group 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.