Cullen Capital Management LLC Lowers Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cullen Capital Management LLC decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,706 shares of the financial services provider’s stock after selling 176 shares during the period. Cullen Capital Management LLC’s holdings in The PNC Financial Services Group were worth $3,415,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PNC. Mechanics Financial Corp bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $541,000. AssuredPartners Investment Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $739,000. Premier Fund Managers Ltd boosted its stake in shares of The PNC Financial Services Group by 38.3% in the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock worth $9,511,000 after buying an additional 13,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock valued at $7,739,000 after acquiring an additional 8,081 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its position in shares of The PNC Financial Services Group by 48.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock valued at $5,160,000 after acquiring an additional 8,735 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of a number of recent analyst reports. HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their price objective for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Truist Financial decreased their price objective on shares of The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating for the company in a report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research report on Thursday. Stephens reissued an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Hsbc Global Res raised shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $205.18.

The PNC Financial Services Group Stock Down 5.2 %

Shares of NYSE PNC opened at $152.85 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The company has a market cap of $60.49 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The business has a 50-day simple moving average of $184.93 and a two-hundred day simple moving average of $191.66.

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 analysts’ consensus estimates of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $3.16 earnings per share. Research 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 company also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be issued a $1.60 dividend. The ex-dividend date is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 4.19%. The PNC Financial Services Group’s payout ratio is currently 46.55%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $198.00, for a total value of $245,916.00. Following the sale, the chief executive officer now owns 525,071 shares of the company’s stock, valued at $103,964,058. This trade represents a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 12,420 shares of company stock worth $2,320,739. Corporate insiders own 0.41% of the company’s stock.

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.