Rakuten Investment Management Inc. Lowers Holdings in The PNC Financial Services Group, Inc $PNC

Rakuten Investment Management Inc. decreased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 5.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,658 shares of the financial services provider’s stock after selling 2,781 shares during the quarter. Rakuten Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $10,950,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. US Bancorp DE raised its stake in shares of The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after purchasing an additional 34,009 shares during the last quarter. Truist Financial Corp raised its stake in shares of The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth $13,711,000. Finally, Stoneridge Investment Partners LLC raised its stake in shares of The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after purchasing an additional 8,818 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Up 1.8%

The PNC Financial Services Group stock opened at $234.71 on Wednesday. The stock has a market cap of $94.25 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a one year low of $172.88 and a one year high of $243.94. The stock has a fifty day moving average of $221.67 and a 200 day moving average of $216.86.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.51 earnings per share. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.79 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Analyst Ratings Changes

PNC has been the subject of several recent analyst reports. Truist Financial boosted their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. Morgan Stanley boosted their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods boosted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Finally, Bank of America upped their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $246.72.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.