HM Payson & Co. Sells 409 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)


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HM Payson & Co. lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 13.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,668 shares of the financial services provider’s stock after selling 409 shares during the period. HM Payson & Co.’s holdings in The PNC Financial Services Group were worth $398,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PNC. Norges Bank bought a new position in The PNC Financial Services Group in the 4th quarter worth $671,132,000. FMR LLC boosted its holdings in shares of The PNC Financial Services Group by 57.8% during the 4th quarter. FMR LLC now owns 8,399,370 shares of the financial services provider’s stock valued at $1,251,506,000 after purchasing an additional 3,076,159 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of The PNC Financial Services Group by 9.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,391,754 shares of the financial services provider’s stock valued at $3,932,371,000 after purchasing an additional 2,230,186 shares during the last quarter. Morgan Stanley boosted its holdings in shares of The PNC Financial Services Group by 34.7% during the 4th quarter. Morgan Stanley now owns 3,388,311 shares of the financial services provider’s stock valued at $504,860,000 after purchasing an additional 873,125 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of The PNC Financial Services Group by 39.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,987,257 shares of the financial services provider’s stock valued at $445,102,000 after purchasing an additional 838,492 shares during the last quarter. 80.56% of the stock is owned by institutional investors.

PNC has been the subject of several research reports. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $173.00 to $192.00 and gave the company an “overweight” rating in a report on Thursday, April 1st. Credit Suisse Group increased their price objective on shares of The PNC Financial Services Group from $120.00 to $147.00 and gave the company a “neutral” rating in a report on Friday, December 11th. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $150.00 to $167.00 and gave the company a “market perform” rating in a report on Monday, January 18th. Piper Sandler cut shares of The PNC Financial Services Group from an “overweight” rating to a “neutral” rating and upped their target price for the company from $162.00 to $167.00 in a research report on Wednesday, January 13th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $140.00 to $179.00 in a research report on Monday, January 11th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $156.29.

In other The PNC Financial Services Group news, EVP Karen L. Larrimer sold 3,205 shares of the firm’s stock in a transaction on Friday, February 5th. The shares were sold at an average price of $156.92, for a total value of $502,928.60. Following the completion of the transaction, the executive vice president now owns 24,580 shares of the company’s stock, valued at $3,857,093.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Guild Deborah sold 3,840 shares of the firm’s stock in a transaction on Tuesday, January 26th. The stock was sold at an average price of $151.37, for a total transaction of $581,260.80. Following the completion of the transaction, the executive vice president now directly owns 18,804 shares of the company’s stock, valued at approximately $2,846,361.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,295 shares of company stock valued at $1,128,071. 0.30% of the stock is owned by insiders.

NYSE PNC opened at $178.25 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50 day moving average price is $175.00 and its 200-day moving average price is $144.72. The PNC Financial Services Group, Inc. has a 52-week low of $89.13 and a 52-week high of $184.33. The company has a market cap of $75.58 billion, a PE ratio of 10.67, a P/E/G ratio of 3.33 and a beta of 1.38.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 14th. The financial services provider reported $3.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.65 by $0.61. The PNC Financial Services Group had a net margin of 38.16% and a return on equity of 5.97%. The firm had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same period last year, the firm earned $2.97 earnings per share. The company’s quarterly revenue was down 2.6% on a year-over-year basis. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 6.09 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 5th. Shareholders of record on Friday, April 16th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Thursday, April 15th. This represents a $4.60 annualized dividend and a yield of 2.58%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.39%.

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. The Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

Further Reading: Bull Market

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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