Bridges Investment Management Inc. Sells 490 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Bridges Investment Management Inc. reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 25.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,438 shares of the financial services provider’s stock after selling 490 shares during the quarter. Bridges Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $277,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Purkiss Capital Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $343,000. Onefund LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $203,000. Jacobi Capital Management LLC increased its holdings in shares of The PNC Financial Services Group by 0.6% in the fourth quarter. Jacobi Capital Management LLC now owns 26,551 shares of the financial services provider’s stock valued at $5,120,000 after purchasing an additional 165 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. Metis Global Partners LLC now owns 18,585 shares of the financial services provider’s stock valued at $3,584,000 after purchasing an additional 67 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of The PNC Financial Services Group by 4.0% in the fourth quarter. Fisher Asset Management LLC now owns 3,737 shares of the financial services provider’s stock valued at $721,000 after purchasing an additional 143 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 1.4 %

Shares of NYSE PNC opened at $189.26 on Tuesday. The company’s fifty day moving average is $195.34 and its 200-day moving average is $192.78. The stock has a market cap of $74.90 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.55 and a beta of 1.16. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.16 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.38%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $203.06, for a total value of $252,200.52. Following the sale, the chief executive officer now directly owns 531,281 shares of the company’s stock, valued at approximately $107,881,919.86. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 13,662 shares of company stock valued at $2,681,664. 0.42% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNC. Citigroup raised their price target on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Friday, January 17th. The Goldman Sachs Group lifted their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Barclays lifted their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $205.00.

About The PNC Financial Services Group

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.