Securian Asset Management Inc. Sells 383 Shares of The PNC Financial Services Group, Inc $PNC

Securian Asset Management Inc. reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,624 shares of the financial services provider’s stock after selling 383 shares during the quarter. Securian Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $3,845,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PNC. Ignite Planners LLC lifted its position in The PNC Financial Services Group by 8.4% in the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 126 shares in the last quarter. Exane Asset Management lifted its position in The PNC Financial Services Group by 32.9% in the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider’s stock valued at $28,434,000 after acquiring an additional 37,110 shares in the last quarter. Smith Salley Wealth Management lifted its position in The PNC Financial Services Group by 15.6% in the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider’s stock valued at $12,804,000 after acquiring an additional 9,836 shares in the last quarter. United Community Bank lifted its position in The PNC Financial Services Group by 687.0% in the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider’s stock valued at $2,166,000 after acquiring an additional 10,759 shares in the last quarter. Finally, Truist Financial Corp lifted its position in The PNC Financial Services Group by 2.1% in the 1st quarter. Truist Financial Corp now owns 1,156,136 shares of the financial services provider’s stock valued at $203,214,000 after acquiring an additional 23,502 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Down 0.2%

NYSE:PNC opened at $181.83 on Wednesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $71.61 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The business has a fifty day moving average price of $197.78 and a 200-day moving average price of $184.20.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data 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 firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The PNC Financial Services Group’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the business posted $3.49 EPS. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is presently 43.93%.

Analysts Set New Price Targets

PNC has been the topic of several analyst reports. Wall Street Zen raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Truist Financial upped their price objective on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $240.00 price objective (up from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Wolfe Research reissued a “peer perform” rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Finally, Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $218.47.

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.