ABN Amro Investment Solutions Sells 16,428 Shares of The PNC Financial Services Group, Inc $PNC

ABN Amro Investment Solutions lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 36.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,786 shares of the financial services provider’s stock after selling 16,428 shares during the quarter. ABN Amro Investment Solutions’ holdings in The PNC Financial Services Group were worth $5,990,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $29,000. Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC raised its position in shares of The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 71 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Bank of America boosted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $265.50.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 48,300 shares of company stock worth $10,694,574. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 1.0%

NYSE:PNC opened at $252.79 on Thursday. The company has a market cap of $101.51 billion, a PE ratio of 13.91, a PEG ratio of 1.00 and a beta of 0.91. The stock has a 50-day simple moving average of $235.44 and a 200 day simple moving average of $224.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.85 EPS. On average, sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.14 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

About The PNC Financial Services Group

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.