Kestra Investment Management LLC Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Kestra Investment Management LLC reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 59.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 508 shares of the financial services provider’s stock after selling 743 shares during the period. Kestra Investment Management LLC’s holdings in The PNC Financial Services Group were worth $98,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Winch Advisory Services LLC bought a new position in The PNC Financial Services Group in the fourth quarter worth about $25,000. Richardson Financial Services Inc. raised its stake in The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after buying an additional 140 shares in the last quarter. Albion Financial Group UT bought a new position in The PNC Financial Services Group in the fourth quarter worth about $30,000. Synergy Asset Management LLC bought a new position in The PNC Financial Services Group in the fourth quarter worth about $32,000. Finally, Valley Wealth Managers Inc. raised its stake in The PNC Financial Services Group by 20,000.0% in the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $191.89 on Friday. The firm’s 50-day moving average price is $196.34 and its 200-day moving average price is $191.49. 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 company has a market cap of $76.14 billion, a PE ratio of 13.96, a PEG ratio of 1.59 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 52-week low of $139.69 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $3.16 EPS. As a group, analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Analyst Ratings Changes

A number of equities analysts have weighed in on PNC shares. Citigroup raised their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Barclays raised their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Stephens reaffirmed an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Compass Point boosted their price objective on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $205.00.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $209.24, for a total value of $259,876.08. Following the transaction, the chief executive officer now owns 532,523 shares of the company’s stock, valued at approximately $111,425,112.52. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 12,420 shares of company stock valued at $2,474,722. 0.42% of the stock is owned by insiders.

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.