Corebridge Financial Inc. Sells 10,115 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Corebridge Financial Inc. decreased its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 98,579 shares of the financial services provider’s stock after selling 10,115 shares during the quarter. Corebridge Financial Inc.’s holdings in The PNC Financial Services Group were worth $19,011,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PNC. Winch Advisory Services LLC acquired a new position in The PNC Financial Services Group during the 4th quarter worth about $25,000. Richardson Financial Services Inc. raised its stake in shares of The PNC Financial Services Group by 2,333.3% in the fourth 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 last quarter. Albion Financial Group UT acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $30,000. Synergy Asset Management LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $32,000. Finally, Rialto Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $32,000. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $172.00, for a total value of $213,624.00. Following the sale, the chief executive officer now directly owns 566,057 shares of the company’s stock, valued at approximately $97,361,804. The trade was a 0.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 13,662 shares of company stock worth $2,582,789 over the last quarter. 0.42% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on PNC. Citigroup decreased their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday. Stephens reiterated an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a report on Friday, January 17th. Compass Point boosted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Barclays lifted their price target on shares of 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. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $201.65.

The PNC Financial Services Group Price Performance

PNC opened at $176.56 on Tuesday. The stock has a market cap of $69.88 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 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 company has a fifty day simple moving average of $189.70 and a 200 day simple moving average of $192.31.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly 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 PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company earned $3.16 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is currently 46.55%.

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.