Rhumbline Advisers Sells 28,747 Shares of The PNC Financial Services Group, Inc $PNC

Rhumbline Advisers lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 3.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 699,512 shares of the financial services provider’s stock after selling 28,747 shares during the period. Rhumbline Advisers owned 0.18% of The PNC Financial Services Group worth $140,553,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of The PNC Financial Services Group by 12.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock valued at $11,621,000 after acquiring an additional 6,572 shares during the period. Envestnet Asset Management Inc. raised its position in shares of The PNC Financial Services Group by 1.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after purchasing an additional 22,325 shares during the period. National Pension Service lifted its stake in shares of The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after buying an additional 26,305 shares in the last quarter. Savant Capital LLC lifted its position in shares of The PNC Financial Services Group by 8.7% in the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after acquiring an additional 7,064 shares in the last quarter. Finally, First Horizon Corp bought a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $8,360,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 1.9%

Shares of PNC opened at $235.66 on Thursday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94. The stock has a fifty day simple moving average of $217.58 and a two-hundred day simple moving average of $201.42. The company has a market capitalization of $92.42 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.00 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The PNC Financial Services Group’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.77 earnings per share. As a group, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNC. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Truist Financial raised their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. TD Cowen lifted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $234.44.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.