Sumitomo Mitsui Trust Group Inc. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 6.3% in the 1st quarter, Holdings Channel reports. The fund owned 883,587 shares of the financial services provider’s stock after selling 59,224 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in The PNC Financial Services Group were worth $183,866,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of PNC. Truist Financial Corp lifted its stake in The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after buying an additional 39,589 shares in the last quarter. Vanguard Group Inc. increased its position in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $13,711,000. Stoneridge Investment Partners LLC lifted its position in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after acquiring an additional 8,818 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its position in The PNC Financial Services Group by 19.8% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 69,427 shares of the financial services provider’s stock valued at $13,950,000 after acquiring an additional 11,476 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.
Insiders Place Their Bets
In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the 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 completion of the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Get Our Latest Stock Analysis on The PNC Financial Services Group
Key Headlines Impacting The PNC Financial Services Group
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 Up 1.7%
PNC stock opened at $250.60 on Friday. 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 business has a 50 day moving average price of $229.24 and a two-hundred day moving average price of $221.84. The company has a market cap of $100.63 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 1.01 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $256.00.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for 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 business’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.51 EPS. Analysts anticipate that The PNC Financial Services Group, Inc will post 18.83 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.2%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 39.51%.
The PNC Financial Services Group 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.
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