TIAA Trust National Association Has $3.34 Million Position in The PNC Financial Services Group, Inc $PNC

TIAA Trust National Association lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 19.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,912 shares of the financial services provider’s stock after selling 4,439 shares during the quarter. TIAA Trust National Association’s holdings in The PNC Financial Services Group were worth $3,339,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Avior Wealth Management LLC grew its position in The PNC Financial Services Group by 4.5% during the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock worth $226,000 after buying an additional 52 shares in the last quarter. Rockland Trust Co. boosted its holdings in shares of The PNC Financial Services Group by 0.5% in the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock valued at $1,957,000 after purchasing an additional 53 shares in the last quarter. Almanack Investment Partners LLC. boosted its holdings in shares of The PNC Financial Services Group by 2.3% in the 2nd quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 55 shares in the last quarter. Rosenberg Matthew Hamilton boosted its holdings in shares of The PNC Financial Services Group by 15.0% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 56 shares in the last quarter. Finally, Kestra Investment Management LLC boosted its holdings in shares of The PNC Financial Services Group by 11.4% in the 1st quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider’s stock valued at $99,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNC. Oppenheimer reaffirmed an “outperform” rating and issued a $240.00 target price (up previously from $235.00) on shares of The PNC Financial Services Group in a report on Thursday, October 16th. UBS Group raised their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Bank of America raised their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Truist Financial raised their target price on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price target for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Up 0.0%

Shares of PNC opened at $182.59 on Tuesday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $71.90 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $195.58 and a 200-day moving average of $186.50.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same period in the prior year, the company earned $3.49 EPS. The PNC Financial Services Group’s revenue was up 8.9% compared to the same quarter last year. As a group, 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 announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president directly owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

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.