Axa S.A. Decreases Stake in The PNC Financial Services Group, Inc $PNC

Axa S.A. cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 18.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 44,898 shares of the financial services provider’s stock after selling 10,027 shares during the quarter. Axa S.A.’s holdings in The PNC Financial Services Group were worth $8,370,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lombard Odier Asset Management USA Corp purchased a new stake in The PNC Financial Services Group during the second quarter worth about $419,000. Daiwa Securities Group Inc. lifted its position in shares of The PNC Financial Services Group by 5.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 59,261 shares of the financial services provider’s stock valued at $11,047,000 after acquiring an additional 2,944 shares during the period. Certuity LLC lifted its position in shares of The PNC Financial Services Group by 0.4% during the 2nd quarter. Certuity LLC now owns 106,540 shares of the financial services provider’s stock valued at $19,861,000 after acquiring an additional 450 shares during the period. SVB Wealth LLC purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $647,000. Finally, L2 Asset Management LLC grew its holdings in shares of The PNC Financial Services Group by 5.1% in the 2nd quarter. L2 Asset Management LLC now owns 1,764 shares of the financial services provider’s stock worth $329,000 after acquiring an additional 85 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, November 4th. The stock was 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 in the company, valued at $1,065,073.14. The trade was a 14.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $211.41 on Friday. The stock has a market capitalization of $82.91 billion, a P/E ratio of 13.66, a P/E/G ratio of 1.16 and a beta of 1.01. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $212.02. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The firm’s 50-day moving average is $188.07 and its two-hundred day moving average is $190.82.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

Analysts Set New Price Targets

PNC has been the subject of several research reports. Citigroup lifted their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Wells Fargo & Company raised their price target 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Piper Sandler upgraded shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Finally, Evercore ISI raised their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $217.17.

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.