Prudential Financial Inc. Sells 37,063 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Prudential Financial Inc. decreased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.7% in the fourth quarter, HoldingsChannel reports. The fund owned 309,111 shares of the financial services provider’s stock after selling 37,063 shares during the quarter. Prudential Financial Inc.’s holdings in The PNC Financial Services Group were worth $59,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PNC. Loomis Sayles & Co. L P lifted its position in The PNC Financial Services Group by 8.7% during the third quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 50 shares in the last quarter. Baltimore Washington Financial Advisors Inc. raised its stake in shares of The PNC Financial Services Group by 3.1% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock worth $324,000 after buying an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of The PNC Financial Services Group by 2.4% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after buying an additional 53 shares in the last quarter. Transcend Capital Advisors LLC grew its stake in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after acquiring an additional 55 shares during the period. Finally, Valmark Advisers Inc. grew its stake in shares of The PNC Financial Services Group by 1.4% during the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock valued at $773,000 after acquiring an additional 56 shares during the period. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $192.15, for a total transaction of $238,650.30. Following the sale, the chief executive officer now owns 527,555 shares in the company, valued at approximately $101,369,693.25. This represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 13,662 shares of company stock valued at $2,582,789 in the last ninety days. Insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on PNC shares. Truist Financial raised their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. The Goldman Sachs Group decreased their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Citigroup cut their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday. Stephens restated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Piper Sandler increased their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $201.65.

The PNC Financial Services Group Trading Up 1.7 %

PNC stock opened at $176.56 on Tuesday. The firm has a fifty day moving average price of $189.70 and a 200 day moving average price of $192.31. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. The firm has a market cap of $69.88 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

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

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.62%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

The PNC Financial Services Group Profile

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.