The PNC Financial Services Group, Inc $PNC Shares Sold by Amundi

Amundi lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 10.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,949,459 shares of the financial services provider’s stock after selling 236,614 shares during the quarter. Amundi’s holdings in The PNC Financial Services Group were worth $381,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Saudi Central Bank acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter worth $27,000. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group during the second quarter worth about $27,000. Concord Wealth Partners lifted its position in The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 100 shares during the period. WPG Advisers LLC purchased a new stake in The PNC Financial Services Group in the 1st quarter valued at approximately $36,000. Finally, FNY Investment Advisers LLC acquired a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $37,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on PNC shares. Truist Financial raised their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Finally, UBS Group increased their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.00.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Down 0.2%

The PNC Financial Services Group stock opened at $197.91 on Friday. The stock has a market cap of $77.61 billion, a PE ratio of 12.78, a P/E/G ratio of 1.11 and a beta of 1.01. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a 50-day moving average price of $187.70 and a 200 day moving average price of $189.97. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $209.85.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.49 earnings per share. Equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

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.