Asset Dedication LLC Has $750,000 Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Asset Dedication LLC cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,888 shares of the financial services provider’s stock after selling 77 shares during the quarter. Asset Dedication LLC’s holdings in The PNC Financial Services Group were worth $750,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PNC. Sumitomo Life Insurance Co. raised its stake in The PNC Financial Services Group by 59.8% during the 4th quarter. Sumitomo Life Insurance Co. now owns 9,746 shares of the financial services provider’s stock valued at $1,880,000 after purchasing an additional 3,646 shares during the last quarter. R Squared Ltd acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $148,000. BSW Wealth Partners lifted its stake in shares of The PNC Financial Services Group by 10.1% in the fourth quarter. BSW Wealth Partners now owns 4,231 shares of the financial services provider’s stock valued at $816,000 after buying an additional 389 shares during the period. Stonegate Investment Group LLC grew its position in The PNC Financial Services Group by 7.0% during the fourth quarter. Stonegate Investment Group LLC now owns 2,825 shares of the financial services provider’s stock worth $545,000 after buying an additional 186 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its stake in The PNC Financial Services Group by 49.9% during the fourth quarter. Perigon Wealth Management LLC now owns 8,747 shares of the financial services provider’s stock valued at $1,719,000 after acquiring an additional 2,912 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Up 0.3 %

Shares of NYSE PNC opened at $202.29 on Thursday. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26. The company has a 50-day moving average of $200.14 and a two-hundred day moving average of $189.26. The company has a market cap of $80.26 billion, a PE ratio of 14.71, a P/E/G ratio of 1.59 and a beta of 1.16. 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data 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 firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate 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 business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.16 EPS. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be given a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.16%. The PNC Financial Services Group’s payout ratio is 46.55%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $189.50, for a total value of $235,359.00. Following the transaction, the chief executive officer now directly owns 543,523 shares of the company’s stock, valued at approximately $102,997,608.50. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 29,413 shares of company stock valued at $6,021,569. 0.42% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Barclays raised their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Piper Sandler lifted 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. Evercore ISI increased their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. 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 company a “neutral” rating in a research report on Friday, December 6th. Finally, Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price 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.