Tucker Asset Management LLC Cuts Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Tucker Asset Management LLC lowered its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 18.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,641 shares of the financial services provider’s stock after selling 365 shares during the period. Tucker Asset Management LLC’s holdings in The PNC Financial Services Group were worth $316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,352,151,000. Bank of New York Mellon Corp grew its holdings in shares of The PNC Financial Services Group by 22.5% in 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. Caisse DE Depot ET Placement DU Quebec increased its position in The PNC Financial Services Group by 88.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock valued at $108,217,000 after acquiring an additional 274,186 shares during the last quarter. Vanguard Group Inc. increased its position in 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 valued at $7,273,794,000 after acquiring an additional 268,827 shares during the last quarter. Finally, 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 valued at $82,768,000 after acquiring an additional 252,473 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC stock opened at $171.83 on Friday. The company has a market capitalization of $68.00 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company’s fifty day moving average price is $187.91 and its 200-day moving average price is $192.01. 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 quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 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 during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 EPS. The business’s revenue was up 3.8% on a year-over-year basis. On average, equities 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 announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.72%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Wall Street Analyst Weigh In

PNC has been the subject of a number of recent research reports. Barclays boosted their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup reduced their target price on shares of 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. Wells Fargo & Company dropped their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday. Piper Sandler upped their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group lowered their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $204.25.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $192.88, for a total value of $239,556.96. Following the completion of the transaction, the chief executive officer now owns 526,313 shares in the company, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 12,420 shares of company stock valued at $2,342,313 over the last ninety days. 0.41% of the stock is owned by insiders.

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.