The PNC Financial Services Group, Inc. (NYSE:PNC) Stock Position Lowered by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 21.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 55,072 shares of the financial services provider’s stock after selling 15,435 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in The PNC Financial Services Group were worth $10,621,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Winch Advisory Services LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $25,000. Richardson Financial Services Inc. lifted its holdings in shares of The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares during the period. Albion Financial Group UT bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $30,000. Synergy Asset Management LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $32,000. Finally, Valley Wealth Managers Inc. increased its position in shares of The PNC Financial Services Group by 20,000.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $216.01, for a total transaction of $268,284.42. Following the sale, the chief executive officer now directly owns 533,765 shares of the company’s stock, valued at $115,298,577.65. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 13,662 shares of company stock worth $2,713,745 over the last three months. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.2 %

Shares of PNC opened at $186.55 on Wednesday. The business’s 50-day moving average price is $195.56 and its 200-day moving average price is $192.21. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The stock has a market cap of $74.02 billion, a PE ratio of 13.57, a P/E/G ratio of 1.55 and a beta of 1.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.16 earnings per share. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.43%. The PNC Financial Services Group’s payout ratio is presently 46.55%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PNC shares. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Piper Sandler lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group lifted their price target on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $205.00.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.