Artisan Partners Limited Partnership Reduces Position in The PNC Financial Services Group, Inc $PNC

Artisan Partners Limited Partnership trimmed its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 587,859 shares of the financial services provider’s stock after selling 10,295 shares during the quarter. Artisan Partners Limited Partnership owned approximately 0.15% of The PNC Financial Services Group worth $109,589,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Saudi Central Bank acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $27,000. IMG Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth about $27,000. Concord Wealth Partners raised its position in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. WPG Advisers LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $36,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,151 shares of company stock valued at $400,092 in the last three months. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $183.17 on Thursday. The business’s fifty day moving average price is $190.42 and its 200 day moving average price is $188.42. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $71.83 billion, a P/E ratio of 11.83, a PEG ratio of 1.26 and a beta of 1.12.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same period last year, the business posted $3.49 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is 43.93%.

Analyst Ratings Changes

Several analysts have commented on PNC shares. UBS Group lifted their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 3rd. Evercore ISI increased their target price on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Morgan Stanley raised their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $211.00 to $220.00 in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $218.00.

The PNC Financial Services Group Company 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.