The PNC Financial Services Group, Inc $PNC Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 475,786 shares of the financial services provider’s stock after selling 196,318 shares during the period. Assenagon Asset Management S.A. owned approximately 0.12% of The PNC Financial Services Group worth $99,311,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNC. Quarry LP purchased a new stake in shares of The PNC Financial Services Group in the third quarter valued at approximately $25,000. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group during the third quarter worth approximately $34,000. JPL Wealth Management LLC purchased a new position in The PNC Financial Services Group during the third quarter worth approximately $37,000. Financial Life Planners acquired a new position in The PNC Financial Services Group during the third quarter worth $39,000. Finally, Bayforest Capital Ltd grew its holdings in 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 buying an additional 147 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. This trade represents a 79.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction dated 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 transaction, the executive vice president directly owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 64,186 shares of company stock worth $14,840,973 over the last quarter. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on PNC shares. Morgan Stanley lifted their price target on The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a report on Tuesday, January 20th. Barclays raised their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Finally, JPMorgan Chase & Co. raised their price target on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a report on Monday, February 9th. Fifteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $234.44.

The PNC Financial Services Group Trading Up 1.1%

NYSE PNC opened at $203.87 on Tuesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $82.24 billion, a P/E ratio of 12.29, a PEG ratio of 0.90 and a beta of 0.98. The firm’s 50-day moving average is $219.76 and its two-hundred day moving average is $205.10. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The business had revenue of $6.07 billion during 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 business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period last year, the business earned $3.77 earnings per share. On average, sell-side analysts anticipate 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s payout ratio is presently 40.99%.

The PNC Financial Services Group Company 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.