Summit Securities Group LLC Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Summit Securities Group LLC trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 72.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 300 shares of the financial services provider’s stock after selling 800 shares during the quarter. Summit Securities Group LLC’s holdings in The PNC Financial Services Group were worth $58,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock worth $7,273,794,000 after acquiring an additional 268,827 shares during the period. State Street Corp grew its position in The PNC Financial Services Group by 0.6% in the 3rd quarter. State Street Corp now owns 17,299,381 shares of the financial services provider’s stock worth $3,197,791,000 after purchasing an additional 100,573 shares during the period. Franklin Resources Inc. raised its stake in The PNC Financial Services Group by 1.2% during the 3rd quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider’s stock valued at $1,939,154,000 after buying an additional 123,994 shares during the last quarter. Geode Capital Management LLC raised its stake in The PNC Financial Services Group by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock valued at $1,541,155,000 after buying an additional 166,138 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth $1,352,151,000. Hedge funds and other 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 dated Friday, January 31st. The shares were sold at an average price of $202.11, for a total value of $251,020.62. Following the completion of the transaction, the chief executive officer now owns 522,587 shares of the company’s stock, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 12,420 shares of company stock worth $2,342,313. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Price Performance

PNC stock opened at $171.83 on Monday. The company has a market capitalization of $68.00 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company’s fifty day moving average price is $187.91 and its 200-day moving average price is $192.21. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. 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 released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating 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 business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 EPS. The business’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Citigroup reduced their price target on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Wells Fargo & Company reduced their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a report on Friday. Piper Sandler lifted their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Stephens restated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Barclays lifted their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $204.25.

The PNC Financial Services Group Company 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.