AustralianSuper Pty Ltd Reduces Stake in The PNC Financial Services Group, Inc $PNC

AustralianSuper Pty Ltd lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 38.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,718 shares of the financial services provider’s stock after selling 14,827 shares during the quarter. AustralianSuper Pty Ltd’s holdings in The PNC Financial Services Group were worth $4,766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group during the second quarter valued at approximately $27,000. Concord Wealth Partners boosted its holdings in The PNC Financial Services Group by 144.9% in the 2nd 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. Westfuller Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $34,000. FNY Investment Advisers LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $37,000. Finally, Bayforest Capital Ltd increased its holdings in shares of The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the period. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Up 1.4%

Shares of PNC opened at $224.55 on Friday. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $227.78. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50 day simple moving average of $209.69 and a two-hundred day simple moving average of $198.91. The firm has a market cap of $88.06 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.93 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same period in the previous year, the business posted $3.77 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts forecast 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,000 shares of the business’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 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNC. Truist Financial lifted their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Royal Bank Of Canada lifted their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. TD Cowen raised their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Finally, UBS Group boosted their price target on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.00.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.