The PNC Financial Services Group, Inc $PNC Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 54.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,592 shares of the financial services provider’s stock after selling 147,817 shares during the quarter. Bank of Nova Scotia’s holdings in The PNC Financial Services Group were worth $26,134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Truist Financial Corp lifted its holdings in The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC raised its position in shares of The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after buying an additional 8,818 shares during the last quarter. BNC Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $6,715,000. Finally, BIP Wealth LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,243,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America raised their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Morgan Stanley increased their price target on 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. Wells Fargo & Company raised their price objective 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. UBS Group lifted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada upped their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $265.48.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $250.59 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The company has a market cap of $100.63 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.49. The firm’s 50 day moving average is $236.91 and its two-hundred day moving average is $224.87.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the business earned $3.85 EPS. Analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company 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 dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 44.03%.

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.