Commerce Bank Sells 3,799 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Commerce Bank reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 57,521 shares of the financial services provider’s stock after selling 3,799 shares during the period. Commerce Bank’s holdings in The PNC Financial Services Group were worth $11,093,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. Principal Financial Group Inc. lifted its position in The PNC Financial Services Group by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock worth $420,621,000 after buying an additional 22,271 shares during the last quarter. Morse Asset Management Inc purchased a new position in The PNC Financial Services Group in the 3rd quarter worth $481,000. Wealthquest Corp bought a new position in shares of The PNC Financial Services Group during the third quarter valued at about $212,000. Wilmington Savings Fund Society FSB increased its holdings in shares of The PNC Financial Services Group by 86.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 34,446 shares of the financial services provider’s stock worth $6,367,000 after buying an additional 15,962 shares during the period. Finally, Synovus Financial Corp boosted its holdings in The PNC Financial Services Group by 3.7% during the 3rd quarter. Synovus Financial Corp now owns 14,232 shares of the financial services provider’s stock valued at $2,631,000 after acquiring an additional 509 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $202.11, for a total value of $251,020.62. Following the sale, the chief executive officer now directly owns 522,587 shares in the company, valued at approximately $105,620,058.57. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 11,819 shares of company stock worth $2,127,508 over the last quarter. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PNC. Truist Financial reduced their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Stephens reissued an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Royal Bank of Canada dropped their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group dropped their price target on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $200.88.

The PNC Financial Services Group Stock Up 0.3 %

PNC opened at $152.05 on Friday. The PNC Financial Services Group, Inc. has a 1-year low of $145.12 and a 1-year high of $216.26. The firm’s 50 day simple moving average is $173.63 and its two-hundred day simple moving average is $189.09. 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 company has a market capitalization of $60.17 billion, a PE ratio of 11.06, a PEG ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. 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 $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio is currently 45.20%.

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.