The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Cadence Bank

Cadence Bank lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 9.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,579 shares of the financial services provider’s stock after selling 478 shares during the quarter. Cadence Bank’s holdings in The PNC Financial Services Group were worth $883,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of The PNC Financial Services Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock worth $7,273,794,000 after purchasing an additional 268,827 shares during the period. Franklin Resources Inc. increased its stake in shares of The PNC Financial Services Group by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider’s stock worth $2,089,622,000 after acquiring an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA lifted its position in The PNC Financial Services Group by 10.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock valued at $1,453,763,000 after purchasing an additional 726,115 shares during the period. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,352,151,000. Finally, Bank of New York Mellon Corp grew its holdings in The PNC Financial Services Group by 22.5% during the fourth quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after acquiring an additional 710,311 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PNC. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a research note on Wednesday. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and lowered their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Truist Financial dropped their target price on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $200.88.

Insider Activity

In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $150.63, for a total transaction of $96,553.83. Following the sale, the chief executive officer now directly owns 562,932 shares in the company, valued at approximately $84,794,447.16. This trade represents a 0.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 11,819 shares of company stock valued at $2,127,508. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Up 0.3 %

PNC stock opened at $152.05 on Friday. The PNC Financial Services Group, Inc. has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a market cap of $60.17 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 1.55 and a beta of 1.04. 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 business has a fifty day simple moving average of $173.63 and a 200-day simple moving average of $189.09.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. On average, equities research analysts expect 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 will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is currently 45.20%.

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.