Verdence Capital Advisors LLC Lowers Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Verdence Capital Advisors LLC reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 15.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,671 shares of the financial services provider’s stock after selling 2,134 shares during the quarter. Verdence Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $2,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. Winch Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $25,000. Richardson Financial Services Inc. raised its stake in shares of The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares in the last quarter. Albion Financial Group UT purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $30,000. Synergy Asset Management LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Finally, Whipplewood Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $33,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNC has been the topic of several research reports. Piper Sandler lifted their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point lifted their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $205.00.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $209.24, for a total transaction of $259,876.08. Following the sale, the chief executive officer now owns 532,523 shares in the company, valued at approximately $111,425,112.52. The trade was a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 13,662 shares of company stock worth $2,681,664. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $180.37 on Thursday. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The stock has a market cap of $71.38 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm’s fifty day simple moving average is $194.79 and its 200 day simple moving average is $192.75.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the business posted $3.16 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

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.