Rockefeller Capital Management L.P. Grows Position in The PNC Financial Services Group, Inc $PNC

Rockefeller Capital Management L.P. grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157,928 shares of the financial services provider’s stock after acquiring an additional 13,190 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in The PNC Financial Services Group were worth $29,441,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. IMG Wealth Management Inc. purchased a new stake in The PNC Financial Services Group in the second quarter worth approximately $27,000. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at $27,000. Concord Wealth Partners boosted its stake in shares of The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after buying an additional 100 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $37,000. Finally, WPG Advisers LLC purchased a new stake in The PNC Financial Services Group during the first quarter valued at $36,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. The trade was a 14.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 2,151 shares of company stock worth $400,092. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Evercore ISI raised their target price on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Wednesday, October 8th. Piper Sandler upgraded shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Finally, UBS Group boosted their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell 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 $218.47.

The PNC Financial Services Group Trading Down 2.8%

Shares of PNC stock opened at $178.91 on Tuesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day simple moving average of $191.20 and a two-hundred day simple moving average of $188.35. The firm has a market capitalization of $70.16 billion, a PE ratio of 11.56, a PEG ratio of 1.26 and a beta of 1.12. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the prior year, the company posted $3.49 earnings per share. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

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.