Insider Selling: The PNC Financial Services Group, Inc. (NYSE:PNC) CEO Sells 601 Shares of Stock

The PNC Financial Services Group, Inc. (NYSE:PNC) CEO William S. Demchak sold 601 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $160.00, for a total transaction of $96,160.00. Following the sale, the chief executive officer now owns 563,573 shares of the company’s stock, valued at approximately $90,171,680. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

The PNC Financial Services Group Trading Down 4.8 %

NYSE PNC traded down $7.70 on Thursday, reaching $152.53. 1,889,135 shares of the company were exchanged, compared to its average volume of 1,949,176. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. The stock has a market capitalization of $60.37 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. The business’s fifty day moving average price is $180.16 and its 200 day moving average price is $190.61. 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 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 (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion during 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 PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $3.16 earnings per share. Analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 4.20%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Hedge Funds Weigh In On The PNC Financial Services Group

Hedge funds have recently modified their holdings of the business. Winch Advisory Services LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $25,000. Richardson Financial Services Inc. lifted its holdings in shares of The PNC Financial Services Group by 2,333.3% in the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares during the last quarter. Albion Financial Group UT purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $30,000. Rialto Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $32,000. Finally, Synergy Asset Management LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $32,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNC has been the topic of several analyst reports. Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. Citigroup decreased their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a report on Monday, March 24th. Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Truist Financial lowered their price target on shares of The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating on the stock in a report on Friday, April 4th. Finally, JPMorgan Chase & Co. cut their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $203.47.

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.