Northwestern Mutual Wealth Management Co. Decreases Stock Holdings in The PNC Financial Services Group, Inc $PNC

Northwestern Mutual Wealth Management Co. reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 16.1% in the fourth quarter, HoldingsChannel reports. The firm owned 35,218 shares of the financial services provider’s stock after selling 6,779 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in The PNC Financial Services Group were worth $7,351,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in The PNC Financial Services Group in the third quarter valued at about $25,000. Beacon Financial Strategies CORP purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at about $35,000. JPL Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the third quarter valued at about $37,000. Financial Life Planners purchased a new stake in The PNC Financial Services Group in the third quarter valued at about $39,000. Finally, Cornerstone Planning Group LLC raised its stake in The PNC Financial Services Group by 2,100.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock valued at $39,000 after buying an additional 168 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNC shares. Morgan Stanley increased their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Citigroup raised their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Barclays raised their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Truist Financial raised their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $243.11.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $221.29 on Wednesday. The company has a market cap of $88.86 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 0.90 and a beta of 0.92. The stock’s 50 day simple moving average is $216.56 and its 200-day simple moving average is $213.46. The PNC Financial Services Group, Inc has a 1-year low of $172.73 and a 1-year high of $243.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.51 earnings per share. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 39.51%.

The PNC Financial Services Group Company 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.