Carret Asset Management LLC Sells 642 Shares of The PNC Financial Services Group, Inc $PNC

Carret Asset Management LLC cut its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 26,634 shares of the financial services provider’s stock after selling 642 shares during the period. Carret Asset Management LLC’s holdings in The PNC Financial Services Group were worth $4,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in PNC. Brighton Jones LLC raised its stake in shares of The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after buying an additional 984 shares during the period. Koshinski Asset Management Inc. purchased a new position in shares of The PNC Financial Services Group in the first quarter valued at $204,000. Alta Advisers Ltd grew its position in shares of The PNC Financial Services Group by 47.2% in the first quarter. Alta Advisers Ltd now owns 1,870 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 600 shares in the last quarter. Mather Group LLC. grew its position in shares of The PNC Financial Services Group by 4.5% in the first quarter. Mather Group LLC. now owns 5,274 shares of the financial services provider’s stock valued at $927,000 after purchasing an additional 226 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its position in shares of The PNC Financial Services Group by 1.1% in the first quarter. Vontobel Holding Ltd. now owns 28,355 shares of the financial services provider’s stock valued at $4,984,000 after purchasing an additional 312 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $181.05 on Thursday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The business has a 50-day simple moving average of $196.56 and a 200 day simple moving average of $185.66. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The stock has a market cap of $71.30 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.27 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same period in the previous year, the business earned $3.49 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNC. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Raymond James Financial lifted their price target on The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, Bank of America lifted their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

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.