MV Capital Management Inc. Lowers Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

MV Capital Management Inc. decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 23.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 441 shares of the financial services provider’s stock after selling 138 shares during the quarter. MV Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $85,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock valued at $7,739,000 after purchasing an additional 8,081 shares during the period. Fifth Third Wealth Advisors LLC lifted its stake in The PNC Financial Services Group by 48.5% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock worth $5,160,000 after acquiring an additional 8,735 shares during the period. Mn Services Vermogensbeheer B.V. grew its holdings in The PNC Financial Services Group by 2.0% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock worth $30,202,000 after acquiring an additional 3,100 shares in the last quarter. PKS Advisory Services LLC purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $357,000. Finally, Root Financial Partners LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $346,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNC has been the subject of several recent analyst reports. Compass Point raised their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler boosted their target price on 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. Truist Financial raised their price target on 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. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Morgan Stanley boosted 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 report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $204.25.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $171.83 on Friday. 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, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The stock has a 50-day moving average of $187.91 and a 200 day moving average of $192.01. The stock has a market capitalization of $68.00 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates 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 was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.16 EPS. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS 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 given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.72%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $192.88, for a total value of $239,556.96. Following the completion of the transaction, the chief executive officer now owns 526,313 shares in the company, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 12,420 shares of company stock valued at $2,342,313. 0.41% of the stock is currently owned by corporate insiders.

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.