The PNC Financial Services Group, Inc. (NYSE:PNC) Stock Position Decreased by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,439 shares of the financial services provider’s stock after selling 2,304 shares during the period. Atlantic Union Bankshares Corp’s holdings in The PNC Financial Services Group were worth $3,408,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC grew its position in The PNC Financial Services Group by 12,940.0% during the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after purchasing an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of The PNC Financial Services Group by 160.9% during the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after buying an additional 433,178 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of The PNC Financial Services Group by 152.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after buying an additional 276,200 shares in the last quarter. Hsbc Holdings PLC raised its position in The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after buying an additional 262,654 shares during the period. Finally, Marshall Wace LLP lifted its stake in The PNC Financial Services Group by 5,419.9% in the 2nd quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock worth $40,277,000 after acquiring an additional 254,356 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group dropped their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Wells Fargo & Company boosted their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Finally, Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $189.15.

The PNC Financial Services Group Trading Down 0.1 %

NYSE:PNC opened at $214.72 on Friday. The company’s 50 day moving average is $194.07 and its 200-day moving average is $176.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 12 month low of $132.11 and a 12 month high of $216.26. The firm has a market cap of $85.20 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 2.25 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the firm posted $3.60 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 annualized dividend and a yield of 2.98%. The PNC Financial Services Group’s payout ratio is 54.10%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $205.98, for a total value of $255,827.16. Following the transaction, the chief executive officer now owns 535,007 shares in the company, valued at $110,200,741.86. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,546 shares of company stock valued at $5,345,530 in the last 90 days. 0.42% of the stock is currently owned by insiders.

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.