Anchor Capital Advisors LLC Sells 5,273 Shares of The PNC Financial Services Group, Inc $PNC

Anchor Capital Advisors LLC decreased its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 339,759 shares of the financial services provider’s stock after selling 5,273 shares during the quarter. The PNC Financial Services Group comprises approximately 2.0% of Anchor Capital Advisors LLC’s portfolio, making the stock its 7th largest position. Anchor Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $70,918,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Norges Bank purchased a new position in The PNC Financial Services Group in the 4th quarter valued at about $1,967,080,000. Viking Global Investors LP lifted its stake in shares of The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Wellington Management Group LLP boosted its holdings in The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after purchasing an additional 1,162,964 shares during the last quarter. AQR Capital Management LLC grew its stake in The PNC Financial Services Group by 32.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock valued at $889,297,000 after purchasing an additional 1,086,941 shares in the last quarter. Finally, Capital International Investors grew its stake in The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after purchasing an additional 609,755 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $221.29 on Wednesday. The business’s fifty day moving average price is $216.56 and its 200 day moving average price is $213.46. The PNC Financial Services Group, Inc has a 12-month low of $172.73 and a 12-month high of $243.94. The stock has a market capitalization of $88.86 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 0.90 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business posted $3.51 EPS. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 39.51%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Bank of America boosted their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Citigroup increased their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Activity

In related news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Profile

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.