Greenwood Capital Associates LLC Sells 3,197 Shares of The PNC Financial Services Group, Inc $PNC

Greenwood Capital Associates LLC cut its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 36.1% in the first quarter, Holdings Channel.com reports. The fund owned 5,649 shares of the financial services provider’s stock after selling 3,197 shares during the quarter. Greenwood Capital Associates LLC’s holdings in The PNC Financial Services Group were worth $1,176,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $1,967,080,000. Viking Global Investors LP lifted its stake in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in The PNC Financial Services Group by 961.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock worth $549,023,000 after purchasing an additional 2,382,552 shares in the last quarter. Deutsche Bank AG boosted its holdings in The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after purchasing an additional 1,994,431 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

More The PNC Financial Services Group News

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: UBS reiterated a Buy rating on PNC, which helps reinforce investor confidence ahead of earnings. UBS Keeps Bullish View on PNC, Reiterates Buy Rating
• Positive Sentiment: PNC announced a dividend boost, a shareholder-friendly move that can attract income-focused investors. PNC Financial Services Dividend Boost Draws Market Focus
• Positive Sentiment: PNC Bank rolled out a new mobile banking app, signaling continued investment in digital banking and customer retention. PNC Bank rolls out new mobile banking app
• Neutral Sentiment: PNC is approaching its July 15 earnings report, and Wall Street expects earnings growth, but some coverage suggests the setup is not ideal for a big upside surprise. The PNC Financial Services Group, Inc (PNC) Reports Next Week: Wall Street Expects Earnings Growth
• Neutral Sentiment: PNC shares have also been supported by the broader view that the stock has gained significantly over the past six months and may still have room to run if growth initiatives continue to pay off. PNC Financial Gains 14.3% in the Past 6 Months: How to Approach Now?
• Neutral Sentiment: Reports that PNC is among the banks considering a bid for Fiserv’s STAR debit network are strategic in nature, but the impact on PNC is still uncertain and depends on deal economics and regulatory approval. PNC (PNC) Is Eyeing Fiserv’s STAR Network With 115 Million Cardholders

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $250.60 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.00. The company has a market cap of $100.63 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.01 and a beta of 0.91. The business’s 50 day moving average is $229.24 and its two-hundred day moving average is $221.84. 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the business earned $3.51 earnings per share. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 18.83 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Analyst Ratings Changes

Several equities analysts have weighed in on PNC shares. Morgan Stanley raised their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Truist Financial increased their price objective on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a report on Friday, June 26th. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a research note on Monday. Finally, Bank of America boosted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $258.09.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 in the last ninety days. Company 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.