Erste Asset Management GmbH Trims Stake in The PNC Financial Services Group, Inc $PNC

Erste Asset Management GmbH lessened its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 49.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,371 shares of the financial services provider’s stock after selling 28,112 shares during the quarter. Erste Asset Management GmbH’s holdings in The PNC Financial Services Group were worth $5,727,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Westfuller Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the third quarter worth approximately $34,000. Bayforest Capital Ltd boosted its stake in The PNC Financial Services Group by 237.1% during the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the period. True Wealth Design LLC grew its position in The PNC Financial Services Group by 1,133.3% during the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 204 shares during the last quarter. Country Trust Bank increased its stake in The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 68 shares during the period. Finally, Corundum Trust Company INC purchased a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $49,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of research reports. Oppenheimer raised their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. TD Cowen lifted their target price on 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. Truist Financial increased their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Finally, Royal Bank Of Canada raised their target price on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Down 4.9%

Shares of PNC opened at $211.85 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94. The firm has a market capitalization of $85.46 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 0.89 and a beta of 0.99. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The stock’s fifty day simple moving average is $222.28 and its 200 day simple moving average is $204.44.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

The PNC Financial Services Group Company Profile

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.