Eastern Bank Lowers Stock Holdings in The PNC Financial Services Group, Inc $PNC

Eastern Bank reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 225,232 shares of the financial services provider’s stock after selling 6,207 shares during the period. Eastern Bank owned about 0.06% of The PNC Financial Services Group worth $45,256,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Brighton Jones LLC increased its holdings in The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after acquiring an additional 984 shares in the last quarter. Empowered Funds LLC grew its position in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after purchasing an additional 170 shares during the period. NBC Securities Inc. increased its stake in shares of The PNC Financial Services Group by 15.5% during the second quarter. NBC Securities Inc. now owns 5,847 shares of the financial services provider’s stock worth $1,090,000 after purchasing an additional 784 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of The PNC Financial Services Group by 6.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 36,527 shares of the financial services provider’s stock worth $6,809,000 after purchasing an additional 2,091 shares during the last quarter. Finally, Czech National Bank raised its position in shares of The PNC Financial Services Group by 6.3% during the 2nd quarter. Czech National Bank now owns 96,690 shares of the financial services provider’s stock worth $18,025,000 after purchasing an additional 5,750 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $212.65 on Wednesday. The stock has a 50 day moving average price of $200.71 and a 200 day moving average price of $196.78. The stock has a market cap of $83.39 billion, a PE ratio of 13.74, a P/E/G ratio of 0.92 and a beta of 0.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $220.54.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate 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 business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the previous year, the firm earned $3.49 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Insider Buying and Selling

In other news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred 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 sale, the executive vice president 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on PNC. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. UBS Group raised their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. TD Cowen boosted their price target on The PNC Financial Services Group from $235.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Wells Fargo & Company increased 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 note on Friday, October 3rd. Finally, Evercore ISI raised their price objective on 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 equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $222.06.

The PNC Financial Services Group 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.