Legal & General Group Plc Sells 698,851 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Legal & General Group Plc cut its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 20.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,675,844 shares of the financial services provider’s stock after selling 698,851 shares during the quarter. Legal & General Group Plc’s holdings in The PNC Financial Services Group were worth $516,037,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mechanics Financial Corp bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $541,000. AssuredPartners Investment Advisors LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at $739,000. Premier Fund Managers Ltd grew its position in The PNC Financial Services Group by 38.3% in the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock valued at $9,511,000 after acquiring an additional 13,700 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in The PNC Financial Services Group by 25.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after acquiring an additional 8,081 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 48.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock valued at $5,160,000 after acquiring an additional 8,735 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PNC. Truist Financial decreased their price target on The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating on the stock in a research report on Friday. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their price target for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. JPMorgan Chase & Co. dropped their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Finally, Stephens reissued an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $203.47.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $198.00, for a total value of $245,916.00. Following the sale, the chief executive officer now owns 525,071 shares of the company’s stock, valued at approximately $103,964,058. The trade was a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 12,420 shares of company stock worth $2,320,739. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $152.47 on Tuesday. The stock has a 50-day moving average of $183.93 and a 200-day moving average of $191.55. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. 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 company has a market cap of $60.34 billion, a PE ratio of 11.09, a P/E/G ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the firm earned $3.16 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 46.55%.

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.