Truist Financial Corp Sells 4,220 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Truist Financial Corp cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,116,913 shares of the financial services provider’s stock after selling 4,220 shares during the period. Truist Financial Corp’s holdings in The PNC Financial Services Group were worth $173,658,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Capital International Investors increased its holdings in The PNC Financial Services Group by 14.4% during the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after buying an additional 1,978,854 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of The PNC Financial Services Group by 19.5% in the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after purchasing an additional 778,264 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in The PNC Financial Services Group by 4,040.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock valued at $62,878,000 after purchasing an additional 396,252 shares during the last quarter. Jennison Associates LLC grew its holdings in The PNC Financial Services Group by 38.4% during the first quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock worth $169,891,000 after purchasing an additional 291,769 shares during the period. Finally, Hsbc Holdings PLC increased its position in The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after buying an additional 262,654 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PNC shares. Jefferies Financial Group raised their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Citigroup raised their target price on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI upped their price target on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $176.90.

Insider Activity

In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $158.10, for a total value of $101,342.10. Following the sale, the chief executive officer now directly owns 567,041 shares of the company’s stock, valued at $89,649,182.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $158.10, for a total value of $101,342.10. Following the completion of the transaction, the chief executive officer now owns 567,041 shares of the company’s stock, valued at $89,649,182.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,465 shares of company stock worth $4,681,565. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Up 1.0 %

PNC stock opened at $184.84 on Tuesday. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $187.78. The business has a 50-day simple moving average of $178.08 and a 200 day simple moving average of $164.43. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The company has a market cap of $73.55 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the business posted $3.36 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.14 EPS for the current fiscal year.

The PNC Financial Services Group Company 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.