TD Asset Management Inc Has $28.68 Million Stock Position in The PNC Financial Services Group, Inc $PNC

TD Asset Management Inc lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 25.2% during the third quarter, Holdings Channel reports. The fund owned 142,717 shares of the financial services provider’s stock after selling 48,089 shares during the period. TD Asset Management Inc’s holdings in The PNC Financial Services Group were worth $28,676,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of The PNC Financial Services Group by 1.4% in the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after purchasing an additional 521,455 shares in the last quarter. Geode Capital Management LLC boosted its position in The PNC Financial Services Group by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock valued at $1,628,302,000 after buying an additional 93,346 shares during the last quarter. Norges Bank bought a new position in The PNC Financial Services Group in the 2nd quarter valued at $1,477,836,000. Invesco Ltd. increased its stake in shares of The PNC Financial Services Group by 0.5% in the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after buying an additional 26,798 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of The PNC Financial Services Group by 134.9% during the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after acquiring an additional 1,917,530 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. The trade was a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 64,186 shares of company stock valued at $14,840,973. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $211.85 on Friday. The stock has a market cap of $85.46 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.89 and a beta of 0.99. The stock has a 50-day moving average of $222.28 and a 200-day moving average of $204.44. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The firm had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.77 earnings per share. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PNC shares. JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Truist Financial upped their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada boosted their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Finally, Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research note on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.