Assenagon Asset Management S.A. Sells 570,935 Shares of The PNC Financial Services Group, Inc $PNC

Assenagon Asset Management S.A. trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 45.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 672,104 shares of the financial services provider’s stock after selling 570,935 shares during the period. Assenagon Asset Management S.A.’s holdings in The PNC Financial Services Group were worth $135,046,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of The PNC Financial Services Group by 1.4% during the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after purchasing an additional 521,455 shares during the period. Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 1.1% during the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after buying an additional 93,346 shares in the last quarter. Norges Bank acquired a new stake in The PNC Financial Services Group during the second quarter worth $1,477,836,000. Invesco Ltd. increased its holdings in The PNC Financial Services Group by 0.5% in the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after buying an additional 26,798 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of The PNC Financial Services Group by 0.5% in the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after buying an additional 24,588 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.4%

Shares of PNC opened at $210.10 on Wednesday. The company has a market capitalization of $82.39 billion, a P/E ratio of 13.57, a PEG ratio of 1.19 and a beta of 1.01. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $213.03. The business’s 50 day simple moving average is $188.94 and its 200-day simple moving average is $191.82. 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 issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.30. The firm 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 return on equity of 11.47% and a net margin of 19.30%.The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.49 EPS. As a group, sell-side analysts predict 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is currently 43.93%.

Insider Activity

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction dated 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 directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares in the company, valued at $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 corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNC. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday. Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. Truist Financial raised their target price on The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, September 24th. Finally, Citigroup boosted their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $217.17.

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.