Prudential Financial Inc. Sells 37,063 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Prudential Financial Inc. lessened its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 309,111 shares of the financial services provider’s stock after selling 37,063 shares during the quarter. Prudential Financial Inc. owned approximately 0.08% of The PNC Financial Services Group worth $59,612,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Bank of New York Mellon Corp raised its holdings in The PNC Financial Services Group by 22.5% in the 4th 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 purchasing an additional 710,311 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in The PNC Financial Services Group by 88.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock worth $108,217,000 after buying an additional 274,186 shares in the last quarter. Vanguard Group Inc. raised its stake in The PNC Financial Services Group by 0.7% in 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 buying an additional 268,827 shares in the last quarter. Toronto Dominion Bank lifted its holdings in The PNC Financial Services Group by 129.3% in the third quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider’s stock worth $82,768,000 after buying an additional 252,473 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $37,587,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was sold at an average price of $193.62, for a total value of $240,476.04. Following the transaction, the chief executive officer now directly owns 528,797 shares in the company, valued at $102,385,675.14. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders sold 13,662 shares of company stock worth $2,582,789. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 1.7 %

Shares of NYSE:PNC opened at $176.56 on Tuesday. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The stock’s fifty day moving average price is $189.70 and its 200-day moving average price is $192.31. The company has a market cap of $69.88 billion, a P/E ratio of 12.84, a PEG ratio of 1.55 and a beta of 1.13. 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 PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the business earned $3.16 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Analysts Set New Price Targets

PNC has been the subject of several research reports. The Goldman Sachs Group decreased their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Piper Sandler increased their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a report on Friday, January 17th. Citigroup decreased their price target on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday. Finally, Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $201.65.

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.