Summit Securities Group LLC Cuts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Summit Securities Group LLC cut its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 72.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 300 shares of the financial services provider’s stock after selling 800 shares during the quarter. Summit Securities Group LLC’s holdings in The PNC Financial Services Group were worth $58,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. 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 worth $420,621,000 after acquiring an additional 22,271 shares during the last quarter. CreativeOne Wealth LLC grew its stake in shares of The PNC Financial Services Group by 81.2% during the third quarter. CreativeOne Wealth LLC now owns 4,708 shares of the financial services provider’s stock valued at $870,000 after buying an additional 2,110 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of 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 during the period. Ironwood Investment Counsel LLC bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at about $211,000. Finally, Encompass More Asset Management bought a new position in The PNC Financial Services Group during the 3rd quarter worth approximately $201,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PNC shares. Barclays increased their price objective 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. Piper Sandler increased their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company decreased their price objective 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 report on Friday. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Finally, Truist Financial boosted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $204.25.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $171.83 on Monday. The company’s fifty day moving average price is $187.91 and its 200-day moving average price is $192.21. The stock has a market cap 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 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, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping 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 analyst estimates of $5.51 billion. During the same quarter in the previous year, the firm posted $3.16 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated 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 of the company’s stock, valued at $101,515,251.44. The trade was a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 12,420 shares of company stock worth $2,342,313. 0.41% of the stock is owned by insiders.

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.