First County Bank CT Reduces Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

First County Bank CT reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 6,830 shares of the financial services provider’s stock after selling 323 shares during the period. First County Bank CT’s holdings in The PNC Financial Services Group were worth $1,317,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Private Advisor Group LLC grew its position in shares of The PNC Financial Services Group by 8.0% during the second quarter. Private Advisor Group LLC now owns 66,281 shares of the financial services provider’s stock worth $10,305,000 after acquiring an additional 4,912 shares during the last quarter. Savant Capital LLC increased its stake in The PNC Financial Services Group by 0.7% in the second quarter. Savant Capital LLC now owns 12,032 shares of the financial services provider’s stock valued at $1,871,000 after purchasing an additional 79 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of The PNC Financial Services Group by 558.7% in the second quarter. Los Angeles Capital Management LLC now owns 84,898 shares of the financial services provider’s stock valued at $13,200,000 after buying an additional 72,010 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of The PNC Financial Services Group during the second quarter worth about $85,000. Finally, Acadian Asset Management LLC increased its position in The PNC Financial Services Group by 8,316.8% in the 2nd quarter. Acadian Asset Management LLC now owns 15,487 shares of the financial services provider’s stock valued at $2,406,000 after acquiring an additional 15,303 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded down $0.14 during mid-day trading on Tuesday, reaching $195.45. The stock had a trading volume of 1,476,632 shares, compared to its average volume of 1,789,938. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The business has a 50-day simple moving average of $201.08 and a 200 day simple moving average of $184.87. The company has a market cap of $77.55 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 2.11 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The company had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.60 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 16th. Evercore ISI lifted their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler upped their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Truist Financial began coverage on shares of The PNC Financial Services Group in a report on Tuesday. They issued a “hold” rating and a $215.00 target price on the stock. Finally, Barclays increased their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $203.29.

Insiders Place Their Bets

In other news, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the sale, the director now directly owns 38,649 shares in the company, valued at $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $192.15, for a total transaction of $238,650.30. Following the completion of the transaction, the chief executive officer now directly owns 527,555 shares of the company’s stock, valued at approximately $101,369,693.25. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,272 shares of company stock valued at $6,155,103. Corporate insiders own 0.42% of the company’s stock.

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.