Vontobel Holding Ltd. Trims Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Vontobel Holding Ltd. cut its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,043 shares of the financial services provider’s stock after selling 5,425 shares during the quarter. Vontobel Holding Ltd.’s holdings in The PNC Financial Services Group were worth $5,408,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. International Assets Investment Management LLC increased its holdings in shares of The PNC Financial Services Group by 12,940.0% in the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock valued at $99,262,000 after acquiring an additional 532,871 shares during the period. Assenagon Asset Management S.A. grew its stake in The PNC Financial Services Group by 160.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock worth $129,836,000 after buying an additional 433,178 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in The PNC Financial Services Group by 88.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock worth $108,217,000 after buying an additional 274,186 shares during the last quarter. Toronto Dominion Bank grew its stake in The PNC Financial Services Group by 129.3% during the 3rd quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider’s stock worth $82,768,000 after buying an additional 252,473 shares during the last quarter. Finally, Eastern Bank grew its stake in The PNC Financial Services Group by 1,884.1% during the 3rd quarter. Eastern Bank now owns 248,812 shares of the financial services provider’s stock worth $45,993,000 after buying an additional 236,272 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the company’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 completion of the transaction, the chief executive officer now owns 522,587 shares of the company’s stock, valued at approximately $105,620,058.57. This represents a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 13,662 shares of company stock valued at $2,730,549. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $193.91 on Friday. The stock has a market cap of $76.94 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The business has a 50-day simple moving average of $197.11 and a 200-day simple moving average of $191.02. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 52-week low of $139.69 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.16 EPS. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.3 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.30%. The PNC Financial Services Group’s payout ratio is 46.55%.

Analysts Set New Price Targets

Several research analysts recently weighed in on PNC shares. Morgan Stanley boosted their target price on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Truist Financial boosted their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Piper Sandler lifted their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $205.00.

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.