Great Lakes Advisors LLC Reduces Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Great Lakes Advisors LLC trimmed its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,880 shares of the financial services provider’s stock after selling 4,265 shares during the period. Great Lakes Advisors LLC’s holdings in The PNC Financial Services Group were worth $25,433,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PNC. Bank of New York Mellon Corp boosted its stake in The PNC Financial Services Group by 22.5% during the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after purchasing an additional 710,311 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in The PNC Financial Services Group by 88.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock worth $108,217,000 after purchasing an additional 274,186 shares during the period. Toronto Dominion Bank boosted its stake in The PNC Financial Services Group by 129.3% during the 3rd quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider’s stock worth $82,768,000 after purchasing an additional 252,473 shares during the period. Proficio Capital Partners LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth $37,587,000. Finally, KBC Group NV boosted its stake in The PNC Financial Services Group by 214.4% during the 4th quarter. KBC Group NV now owns 271,588 shares of the financial services provider’s stock worth $52,375,000 after purchasing an additional 185,210 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PNC shares. The Goldman Sachs Group increased their price target on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Stephens reiterated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Piper Sandler increased their price target 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. Citigroup raised their target price 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. Finally, Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $205.00.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $189.29, for a total transaction of $235,098.18. Following the completion of the sale, the chief executive officer now directly owns 530,039 shares in the company, valued at $100,331,082.31. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 13,662 shares of company stock worth $2,643,895 over the last ninety days. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $170.15 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $193.39 and a two-hundred day moving average price of $192.90. 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 market capitalization of $67.34 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

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

The PNC Financial Services Group Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 3.76%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

The PNC Financial Services Group 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.