Federated Hermes Inc. Sells 322,754 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Federated Hermes Inc. lowered its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 14.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,885,869 shares of the financial services provider’s stock after selling 322,754 shares during the quarter. The PNC Financial Services Group accounts for 0.8% of Federated Hermes Inc.’s portfolio, making the stock its 17th biggest holding. Federated Hermes Inc. owned about 0.48% of The PNC Financial Services Group worth $363,690,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC grew its stake in The PNC Financial Services Group by 0.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider’s stock worth $1,288,000 after purchasing an additional 59 shares in the last quarter. Ted Buchan & Co boosted its holdings in shares of The PNC Financial Services Group by 2.7% in the 4th quarter. Ted Buchan & Co now owns 7,521 shares of the financial services provider’s stock valued at $1,450,000 after buying an additional 201 shares in the last quarter. Payden & Rygel purchased a new position in The PNC Financial Services Group in the fourth quarter worth $16,007,000. Wedbush Securities Inc. grew its stake in The PNC Financial Services Group by 38.1% during the 4th quarter. Wedbush Securities Inc. now owns 4,681 shares of the financial services provider’s stock worth $903,000 after buying an additional 1,291 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of The PNC Financial Services Group by 0.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 1,651,217 shares of the financial services provider’s stock valued at $318,437,000 after acquiring an additional 12,150 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research analyst reports. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a report on Thursday. Wells Fargo & Company dropped their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Barclays lifted their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their price target for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $205.18.

Insider Transactions 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, January 17th. The shares were sold at an average price of $198.00, for a total value of $245,916.00. Following the sale, the chief executive officer now directly owns 525,071 shares in the company, valued at approximately $103,964,058. This trade represents 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 this link. Over the last 90 days, insiders have sold 12,420 shares of company stock valued at $2,320,739. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $152.85 on Friday. The business’s fifty day simple moving average is $184.93 and its 200-day simple moving average is $191.73. 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 firm has a market cap of $60.49 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26.

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 for the quarter, beating the consensus estimate of $3.26 by $0.51. The firm 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 net margin of 17.10% and a return on equity of 11.12%. During the same quarter last year, the firm earned $3.16 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities analysts forecast 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 firm also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Wednesday, April 16th. The PNC Financial Services Group’s 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.