CIBC Private Wealth Group LLC Sells 14,581 Shares of The PNC Financial Services Group, Inc $PNC

CIBC Private Wealth Group LLC lowered its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,206,754 shares of the financial services provider’s stock after selling 14,581 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in The PNC Financial Services Group were worth $242,473,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in The PNC Financial Services Group during the third quarter worth about $25,000. Westfuller Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $34,000. JPL Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $37,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter worth approximately $39,000. Finally, Bayforest Capital Ltd boosted its holdings in shares of The PNC Financial Services Group by 237.1% in the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 147 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This trade represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,186 shares of company stock valued at $14,840,973 in the last three months. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PNC. Truist Financial raised their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Barclays boosted their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada upped their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Stock Performance

PNC stock opened at $204.03 on Wednesday. The company has a 50 day moving average price of $220.96 and a 200 day moving average price of $205.22. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week 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 stock has a market capitalization of $82.30 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 0.90 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The firm had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $3.77 EPS. Analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.99%.

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.