abrdn plc Decreases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

abrdn plc decreased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 457,857 shares of the financial services provider’s stock after selling 30,443 shares during the period. abrdn plc owned approximately 0.12% of The PNC Financial Services Group worth $88,289,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Winch Advisory Services LLC purchased a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $25,000. Richardson Financial Services Inc. boosted its position 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 valued at $28,000 after acquiring an additional 140 shares during the last quarter. Albion Financial Group UT purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $30,000. Synergy Asset Management LLC purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at $32,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group during the fourth quarter valued at $37,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $199.14 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 stock’s fifty day moving average price is $199.55 and its 200-day moving average price is $189.97. The firm has a market cap of $79.01 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.63 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results 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 PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the business posted $3.16 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.21%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $205.98, for a total value of $255,827.16. Following the transaction, the chief executive officer now owns 535,007 shares of the company’s stock, valued at $110,200,741.86. The trade was a 0.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred 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 directly 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 have sold 29,413 shares of company stock worth $6,037,230. 0.42% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Barclays lifted their target price on 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. Evercore ISI increased their price target on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Truist Financial increased their target price 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $205.00.

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.