CNB Bank Raises Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

CNB Bank increased its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,224 shares of the financial services provider’s stock after buying an additional 456 shares during the period. CNB Bank’s holdings in The PNC Financial Services Group were worth $815,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Avanza Fonder AB purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $5,652,000. Everpar Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. Everpar Advisors LLC now owns 4,389 shares of the financial services provider’s stock valued at $846,000 after purchasing an additional 77 shares during the last quarter. Empirical Asset Management LLC raised its position in The PNC Financial Services Group by 7.2% in the 4th quarter. Empirical Asset Management LLC now owns 14,100 shares of the financial services provider’s stock worth $2,719,000 after purchasing an additional 943 shares during the period. Cvfg LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $330,000. Finally, JGP Wealth Management LLC lifted its position in The PNC Financial Services Group by 0.3% in the fourth quarter. JGP Wealth Management LLC now owns 101,271 shares of the financial services provider’s stock valued at $19,530,000 after purchasing an additional 304 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Compass Point increased their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 16th. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Stephens lifted their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $203.29.

The PNC Financial Services Group Stock Performance

PNC opened at $199.99 on Friday. The company has a 50 day simple moving average of $201.65 and a two-hundred day simple moving average of $186.67. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $79.35 billion, a P/E ratio of 16.87, a PEG ratio of 1.77 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.16 EPS. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be issued a $1.60 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.20%. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now owns 38,649 shares in the company, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $192.88, for a total value of $239,556.96. Following the transaction, the chief executive officer now owns 526,313 shares of the company’s stock, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,030 shares of company stock worth $5,928,202 in the last three months. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group 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.