CIBC Private Wealth Group LLC Decreases Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

CIBC Private Wealth Group LLC lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,220,278 shares of the financial services provider’s stock after selling 31,228 shares during the period. CIBC Private Wealth Group LLC owned about 0.31% of The PNC Financial Services Group worth $237,564,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PNC. Baltimore Washington Financial Advisors Inc. lifted its position in shares of The PNC Financial Services Group by 3.1% during the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock valued at $324,000 after buying an additional 51 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in The PNC Financial Services Group by 2.4% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after acquiring an additional 53 shares during the last quarter. Transcend Capital Advisors LLC grew its holdings in The PNC Financial Services Group by 1.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock worth $616,000 after purchasing an additional 55 shares during the last quarter. Valmark Advisers Inc. grew its holdings in The PNC Financial Services Group by 1.4% in the fourth quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 56 shares during the last quarter. Finally, Red Wave Investments LLC increased its position in shares of The PNC Financial Services Group by 3.1% during the third quarter. Red Wave Investments LLC now owns 1,907 shares of the financial services provider’s stock worth $353,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of several research analyst reports. Compass Point boosted their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday. Piper Sandler increased their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. 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. Finally, Citigroup decreased their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $204.25.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $171.83 on Friday. The company’s fifty day moving average price is $187.91 and its 200 day moving average price is $192.10. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The stock has a market capitalization of $68.00 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the company earned $3.16 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a $1.60 dividend. 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 (DPR) is presently 46.55%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 12,420 shares of company stock valued at $2,342,313 over the last ninety days. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Company 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.