International Assets Investment Management LLC Cuts Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

International Assets Investment Management LLC reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 13.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,457 shares of the financial services provider’s stock after selling 378 shares during the quarter. International Assets Investment Management LLC’s holdings in The PNC Financial Services Group were worth $432,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. Rialto Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $32,000. Whipplewood Advisors LLC bought a new stake in The PNC Financial Services Group in the 4th quarter worth about $33,000. Opal Wealth Advisors LLC purchased a new stake in The PNC Financial Services Group in the 1st quarter valued at about $35,000. REAP Financial Group LLC boosted its stake 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 buying an additional 80 shares during the last quarter. Finally, Hoey Investments Inc. bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $185.81 on Friday. The stock’s 50-day simple moving average is $171.46 and its 200 day simple moving average is $180.48. The stock has a market capitalization of $73.50 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 1.53 and a beta of 1.06. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. Research analysts forecast 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 Monday, May 5th. Investors of record on Wednesday, April 16th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.44%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 45.20%.

Analyst Ratings Changes

A number of brokerages recently commented on PNC. TD Cowen started coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They set a “buy” rating and a $233.00 price target on the stock. 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. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their price objective for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, Truist Financial reduced their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.67.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 601 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total value of $96,160.00. Following the sale, the chief executive officer now owns 563,573 shares of the company’s stock, valued at $90,171,680. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kieran John Fallon sold 1,492 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value 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 approximately $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,428 shares of company stock valued at $1,882,322. Corporate insiders own 0.41% of the company’s stock.

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.