Goldman Sachs Group Inc. Sells 758,570 Shares of The PNC Financial Services Group, Inc $PNC

Goldman Sachs Group Inc. lowered its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 21.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,711,544 shares of the financial services provider’s stock after selling 758,570 shares during the period. Goldman Sachs Group Inc.’s holdings in The PNC Financial Services Group were worth $565,981,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $35,000. JPL Wealth Management LLC bought a new stake in The PNC Financial Services Group in the third quarter valued at approximately $37,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at $39,000. Finally, Cornerstone Planning Group LLC increased its holdings in shares of The PNC Financial Services Group by 2,100.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 168 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PNC. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Citigroup upped their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Keefe, Bruyette & Woods boosted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. Finally, Morgan Stanley upped their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $243.11.

The PNC Financial Services Group Price Performance

PNC stock opened at $227.19 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $172.73 and a 12 month high of $243.94. The firm has a market cap of $91.23 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.91 and a beta of 0.92. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The company’s 50-day moving average price is $217.66 and its two-hundred day moving average price is $214.25.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the company earned $3.51 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

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.