River Road Asset Management LLC Has $19.75 Million Stock Position in The PNC Financial Services Group, Inc $PNC

River Road Asset Management LLC reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 94,629 shares of the financial services provider’s stock after selling 4,514 shares during the quarter. River Road Asset Management LLC’s holdings in The PNC Financial Services Group were worth $19,752,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Quarry LP bought a new stake in The PNC Financial Services Group in the 3rd quarter valued at $25,000. Modus Advisors LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $32,000. Finally, EFG International AG bought a new position in The PNC Financial Services Group during the 4th quarter worth $33,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Oppenheimer lifted their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Barclays boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Finally, Truist Financial increased their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $246.72.

Insider Activity

In related news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

PNC opened at $232.39 on Friday. 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 52-week low of $176.16 and a 52-week high of $243.94. The firm has a market cap of $93.32 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92. The business’s fifty day moving average is $222.45 and its 200-day moving average is $217.44.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results 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 PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the firm earned $3.51 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.81 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

The PNC Financial Services Group Company Profile

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.