Bahl & Gaynor Inc. Sells 101,784 Shares of The PNC Financial Services Group, Inc $PNC

Bahl & Gaynor Inc. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,490,029 shares of the financial services provider’s stock after selling 101,784 shares during the quarter. The PNC Financial Services Group makes up approximately 1.4% of Bahl & Gaynor Inc.’s holdings, making the stock its 21st largest holding. Bahl & Gaynor Inc. owned about 0.38% of The PNC Financial Services Group worth $277,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the second quarter worth $27,000. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group in the first quarter valued at about $27,000. Concord Wealth Partners lifted its position in The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after buying an additional 100 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in The PNC Financial Services Group during the 2nd quarter worth about $37,000. Finally, WPG Advisers LLC bought a new stake in The PNC Financial Services Group during the 1st quarter worth about $36,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

The PNC Financial Services Group Trading Up 1.8%

NYSE:PNC opened at $186.85 on Friday. 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 PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The firm has a market capitalization of $73.27 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.26 and a beta of 1.12. The business’s 50-day moving average price is $189.73 and its two-hundred day moving average price is $188.53.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.49 EPS. On average, equities analysts expect 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 company also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were issued a $1.70 dividend. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. UBS Group boosted their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Morgan Stanley lifted their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Finally, Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $218.00.

The PNC Financial Services Group 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.