Erste Asset Management GmbH Reduces Stock Holdings in The PNC Financial Services Group, Inc $PNC

Erste Asset Management GmbH cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 49.8% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 28,371 shares of the financial services provider’s stock after selling 28,112 shares during the period. Erste Asset Management GmbH’s holdings in The PNC Financial Services Group were worth $5,727,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of The PNC Financial Services Group by 12.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after acquiring an additional 6,572 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in The PNC Financial Services Group by 1.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after purchasing an additional 22,325 shares in the last quarter. National Pension Service increased its holdings in The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after purchasing an additional 26,305 shares during the last quarter. Savant Capital LLC increased its holdings in The PNC Financial Services Group by 8.7% during the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock worth $17,672,000 after purchasing an additional 7,064 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock valued at $57,714,000 after purchasing an additional 34,009 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares in the company, valued at approximately $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 64,186 shares of company stock worth $14,840,973 in the last quarter. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. TD Cowen raised their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Royal Bank Of Canada raised their price objective on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Finally, Truist Financial upped their target price on shares of 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. Fifteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $211.85 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $243.94. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The business’s fifty day moving average price is $222.28 and its two-hundred day moving average price is $204.44. The firm has a market capitalization of $85.46 billion, a PE ratio of 12.77, a P/E/G ratio of 0.89 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.77 earnings per share. On average, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 40.99%.

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.