Park Avenue Securities LLC Sells 721 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Park Avenue Securities LLC trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.4% in the first quarter, HoldingsChannel reports. The fund owned 10,576 shares of the financial services provider’s stock after selling 721 shares during the period. Park Avenue Securities LLC’s holdings in The PNC Financial Services Group were worth $1,859,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $32,000. Whipplewood Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $33,000. REAP Financial Group LLC lifted its holdings in shares of The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 80 shares during the last quarter. Hoey Investments Inc. bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $39,000. Finally, True Wealth Design LLC lifted its holdings in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 59 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report 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 for the company in a report on Thursday, April 3rd. Morgan Stanley lowered their price target on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a report on Wednesday, April 16th. Truist Financial lowered their price target on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a report on Wednesday, April 16th. Finally, Wells Fargo & Company lowered their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.67.

The PNC Financial Services Group Stock Up 0.5%

Shares of NYSE PNC opened at $179.60 on Wednesday. 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 $145.12 and a 12 month high of $216.26. The firm has a market capitalization of $71.04 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The firm has a fifty day simple moving average of $165.56 and a two-hundred day simple moving average of $183.02.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.47 by $0.04. 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 $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. Equities 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio is presently 45.20%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer now directly owns 554,879 shares of the company’s stock, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president now directly owns 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,154 shares of company stock valued at $2,525,591 in the last three months. 0.41% of the stock is currently owned by company insiders.

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.