The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp cut its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,531 shares of the financial services provider’s stock after selling 512 shares during the period. Atlantic Union Bankshares Corp’s holdings in The PNC Financial Services Group were worth $1,166,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $25,000. BKM Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $26,000. Fortitude Family Office LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $28,000. DHJJ Financial Advisors Ltd. bought a new stake in The PNC Financial Services Group during the third quarter worth approximately $29,000. Finally, Tyler Stone Wealth Management bought a new stake in The PNC Financial Services Group during the second quarter worth approximately $29,000. 83.53% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the sale, the executive vice president now directly owns 36,570 shares in the company, valued at approximately $5,442,347.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.42% of the stock is owned by company insiders.

Analysts Set New Price Targets

PNC has been the subject of a number of research reports. Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday. Stephens restated an “equal weight” rating and set a $138.00 target price on shares of The PNC Financial Services Group in a report on Tuesday, December 5th. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their target price for the stock from $141.00 to $155.00 in a report on Thursday. Odeon Capital Group raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price objective for the company in a research note on Thursday, December 14th. Finally, Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $152.87.

The PNC Financial Services Group Stock Performance

PNC traded up $1.63 during trading on Friday, hitting $161.60. The stock had a trading volume of 1,725,504 shares, compared to its average volume of 2,433,371. The firm has a market cap of $64.29 billion, a PE ratio of 12.63, a P/E/G ratio of 1.84 and a beta of 1.17. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $162.24. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42. The company has a 50 day simple moving average of $150.26 and a 200-day simple moving average of $138.41.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $1.04. The company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.30 billion. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the business posted $3.49 EPS. Analysts expect that The PNC Financial Services Group, Inc. will post 12.41 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th were given a dividend of $1.55 per share. The ex-dividend date was Friday, January 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.84%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 48.48%.

About The PNC Financial Services Group

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.