83,993 The PNC Financial Services Group, Inc $PNC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 9.3% during the 3rd quarter, Holdings Channel reports. The fund owned 816,033 shares of the financial services provider’s stock after selling 83,993 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in The PNC Financial Services Group were worth $181,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth about $7,921,455,000. State Street Corp lifted its holdings in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after purchasing an additional 765,097 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $2,102,631,000. Deutsche Bank AG acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of The PNC Financial Services Group by 1.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock worth $888,309,000 after buying an additional 39,112 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PNC shares. Jefferies Financial Group cut their price objective on shares of The PNC Financial Services Group from $305.00 to $280.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Royal Bank Of Canada lowered their target price on shares of The PNC Financial Services Group from $273.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, October 16th. The Goldman Sachs Group cut their price target on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Truist Financial reduced their price target on The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating on the stock in a research note on Monday, October 19th. Finally, Wolfe Research started coverage on The PNC Financial Services Group in a research report on Tuesday, October 27th. They issued a “peer perform” rating for the company. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $266.17.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $227.88 on Monday. The PNC Financial Services Group, Inc has a 1 year low of $177.08 and a 1 year high of $258.96. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a 50 day moving average price of $230.03 and a 200 day moving average price of $228.88. The company has a market cap of $90.91 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.18 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter last year, the business earned $4.35 EPS. The PNC Financial Services Group’s revenue for the quarter was up 10.9% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group’s payout ratio is 42.58%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.