Korea Investment CORP Sells 167,306 Shares of The PNC Financial Services Group, Inc $PNC

Korea Investment CORP trimmed its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 47.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,772 shares of the financial services provider’s stock after selling 167,306 shares during the period. Korea Investment CORP’s holdings in The PNC Financial Services Group were worth $37,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Westfuller Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the third quarter valued at approximately $34,000. Bayforest Capital Ltd grew its stake in The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares in the last quarter. Corundum Trust Company INC purchased a new position in The PNC Financial Services Group during the 3rd quarter worth $49,000. Country Trust Bank increased its holdings in The PNC Financial Services Group by 38.9% during the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 68 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at $50,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $205.25 on Tuesday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $82.79 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.86 and a beta of 0.98. The stock’s 50-day simple moving average is $222.03 and its 200-day simple moving average is $205.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.23 by $0.65. The firm had revenue of $6.07 billion during the quarter, compared to analyst estimates 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 revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm posted $3.77 EPS. As a group, equities analysts forecast 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 declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.99%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. TD Cowen upped their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Oppenheimer raised their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Finally, Truist Financial increased their target price on shares of 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. Fifteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $234.44.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This represents a 8.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This trade represents a 18.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 64,186 shares of company stock worth $14,840,973. Corporate insiders own 0.41% of the company’s stock.

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.