American Century Companies Inc. Sells 589,517 Shares of The PNC Financial Services Group, Inc $PNC

American Century Companies Inc. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 37.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 978,746 shares of the financial services provider’s stock after selling 589,517 shares during the period. American Century Companies Inc. owned approximately 0.25% of The PNC Financial Services Group worth $196,660,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of The PNC Financial Services Group by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock worth $7,174,760,000 after purchasing an additional 521,455 shares during the period. Geode Capital Management LLC grew its position in The PNC Financial Services Group by 1.1% during the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after buying an additional 93,346 shares in the last quarter. Norges Bank acquired a new stake in The PNC Financial Services Group during the second quarter worth about $1,477,836,000. Invesco Ltd. increased its stake in The PNC Financial Services Group by 0.5% during the second quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after acquiring an additional 26,798 shares during the period. Finally, AQR Capital Management LLC raised its holdings in The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after acquiring an additional 1,917,530 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 in the last three months. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Truist Financial lifted their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Oppenheimer increased their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Fifteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $234.44.

The PNC Financial Services Group Trading Down 4.9%

Shares of The PNC Financial Services Group stock opened at $211.85 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94. The stock has a market capitalization of $85.46 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 0.89 and a beta of 0.99. The company has a 50-day simple moving average of $222.28 and a 200 day simple moving average of $204.44. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The firm had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.77 earnings per share. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 40.99%.

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.