Edgestream Partners L.P. Sells 50,761 Shares of The PNC Financial Services Group, Inc $PNC

Edgestream Partners L.P. reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 97.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,329 shares of the financial services provider’s stock after selling 50,761 shares during the quarter. Edgestream Partners L.P.’s holdings in The PNC Financial Services Group were worth $248,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $1,477,836,000. Nuveen LLC acquired a new stake in The PNC Financial Services Group in the first quarter valued at approximately $306,905,000. Amundi increased its holdings in shares of The PNC Financial Services Group by 76.1% during the first quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock valued at $352,592,000 after acquiring an additional 944,731 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of The PNC Financial Services Group by 187.3% during the first quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock valued at $245,055,000 after acquiring an additional 926,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of The PNC Financial Services Group by 41.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock worth $495,336,000 after purchasing an additional 830,440 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. Raymond James Financial lifted their price objective on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Truist Financial upped their target price on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $218.00.

The PNC Financial Services Group Stock Down 0.2%

PNC opened at $197.91 on Monday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $209.85. The firm has a market capitalization of $77.61 billion, a P/E ratio of 12.78, a PEG ratio of 1.11 and a beta of 1.01. The company’s 50-day moving average is $187.70 and its 200 day moving average is $190.18. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given 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 (DPR) is presently 43.93%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.41% of the company’s stock.

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.