The PNC Financial Services Group, Inc $PNC Shares Sold by Sageworth Trust Co

Sageworth Trust Co reduced its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 41.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,718 shares of the financial services provider’s stock after selling 2,585 shares during the quarter. Sageworth Trust Co’s holdings in The PNC Financial Services Group were worth $774,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PNC. Monetary Solutions Ltd bought a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP bought a new position in The PNC Financial Services Group during the 3rd quarter valued at $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group during the 4th quarter valued at $29,000. Financial Life Planners bought a new position in The PNC Financial Services Group during the 1st quarter valued at $31,000. Finally, Kemnay Advisory Services Inc. acquired a new position in The PNC Financial Services Group during the 4th quarter worth $32,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last quarter. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Down 2.9%

Shares of NYSE:PNC opened at $246.58 on Thursday. The stock has a market capitalization of $99.02 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 1.04 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.00. The company’s fifty day moving average is $228.64 and its two-hundred day moving average is $221.56. 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 (NYSE:PNC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business posted $3.51 EPS. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.83 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Trending Headlines about The PNC Financial Services Group

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC boosted its quarterly dividend by about 17.6%-18%, signaling strong capital levels and management confidence in future cash generation. The increase should appeal to income investors and may be helping the stock. Article Title
• Positive Sentiment: UBS raised its price target on PNC and reiterated a buy rating, pointing to upside potential versus the recent trading level. That kind of analyst support can lift sentiment ahead of earnings. Article Title
• Positive Sentiment: PNC launched a new mobile banking app, which could improve customer experience and help strengthen digital engagement over time. Article Title
• Positive Sentiment: PNC is being discussed as part of a possible bank-led effort to buy Fiserv’s STAR debit network, a move that could reduce payment-processing costs and create a new revenue opportunity for large banks if it advances. Article Title
• Neutral Sentiment: Wall Street expects PNC to report earnings growth in its July 15 Q2 results, but some commentary says the setup does not strongly favor a clear earnings beat. Investors are likely waiting for the report before making bigger moves. Article Title

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PNC shares. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Monday. Citigroup boosted their price objective on The PNC Financial Services Group from $255.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods upped their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Finally, Truist Financial increased their target price on The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a “hold” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $258.09.

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.