Northwest & Ethical Investments L.P. Sells 6,657 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Northwest & Ethical Investments L.P. lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 86.7% during the 4th quarter, Holdings Channel reports. The firm owned 1,025 shares of the financial services provider’s stock after selling 6,657 shares during the period. Northwest & Ethical Investments L.P.’s holdings in The PNC Financial Services Group were worth $197,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Magnetar Financial LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $3,770,000. Teacher Retirement System of Texas raised its holdings in The PNC Financial Services Group by 42.4% in the fourth quarter. Teacher Retirement System of Texas now owns 172,035 shares of the financial services provider’s stock worth $33,177,000 after purchasing an additional 51,206 shares during the period. Sandy Spring Bank boosted its position in shares of The PNC Financial Services Group by 1.4% during the fourth quarter. Sandy Spring Bank now owns 4,901 shares of the financial services provider’s stock worth $945,000 after purchasing an additional 67 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in shares of The PNC Financial Services Group by 0.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 356,103 shares of the financial services provider’s stock valued at $68,674,000 after buying an additional 1,851 shares during the period. Finally, Harvest Fund Management Co. Ltd increased its position in shares of The PNC Financial Services Group by 161.9% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 2,425 shares of the financial services provider’s stock valued at $468,000 after buying an additional 1,499 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PNC shares. Stephens reiterated an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Barclays upped their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Piper Sandler boosted their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group decreased their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $203.71.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $171.15, for a total value of $212,568.30. Following the sale, the chief executive officer now owns 567,299 shares in the company, valued at approximately $97,093,223.85. This represents a 0.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 12,420 shares of company stock worth $2,369,165. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $173.35 on Friday. The firm has a market capitalization of $68.60 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm’s fifty day moving average price is $190.03 and its two-hundred day moving average price is $192.27. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period in the previous year, the business earned $3.16 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.69%. The PNC Financial Services Group’s payout ratio is 46.55%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.