The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 45.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 35,723 shares of the financial services provider’s stock after selling 29,390 shares during the quarter. Wealthfront Advisers LLC’s holdings in The PNC Financial Services Group were worth $6,889,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PNC. Principal Financial Group Inc. lifted its holdings in shares of The PNC Financial Services Group by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock valued at $420,621,000 after buying an additional 22,271 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $177,000. Versor Investments LP lifted its holdings in shares of The PNC Financial Services Group by 37.5% in the 3rd quarter. Versor Investments LP now owns 3,300 shares of the financial services provider’s stock valued at $610,000 after buying an additional 900 shares during the period. Nations Financial Group Inc. IA ADV acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $230,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $268,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $189.29, for a total value of $235,098.18. Following the completion of the sale, the chief executive officer now owns 530,039 shares of the company’s stock, valued at $100,331,082.31. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 13,662 shares of company stock valued at $2,643,895 over the last quarter. Company insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PNC shares. Compass Point raised their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Truist Financial raised their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Citigroup raised their price objective on 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. Finally, Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $205.00.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $171.02 on Thursday. The company has a market capitalization of $67.68 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. 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 fifty day moving average of $192.95 and a two-hundred day moving average of $192.74.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data 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 business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.16 earnings per share. On average, analysts anticipate 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

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.