The PNC Financial Services Group, Inc $PNC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,595,887 shares of the financial services provider’s stock after selling 31,841 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of The PNC Financial Services Group worth $521,592,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PNC. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the second quarter valued at approximately $27,000. Concord Wealth Partners increased its stake in The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Westfuller Advisors LLC purchased a new stake in The PNC Financial Services Group in the third quarter valued at $34,000. FNY Investment Advisers LLC acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $37,000. Finally, Bayforest Capital Ltd lifted its stake in shares of The PNC Financial Services Group by 237.1% in the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on PNC shares. Royal Bank Of Canada raised their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Oppenheimer lifted their target price on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Finally, TD Cowen increased their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. One 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.00.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $221.46 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $86.85 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 0.94 and a beta of 0.99. The stock’s 50-day moving average is $208.88 and its two-hundred day moving average is $198.73. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $227.78.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same period in the previous year, the company posted $3.77 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,000 shares of the firm’s 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 sale, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

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.