SouthState Corp Decreases Stake in The PNC Financial Services Group, Inc $PNC

SouthState Corp cut its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,798 shares of the financial services provider’s stock after selling 383 shares during the period. SouthState Corp’s holdings in The PNC Financial Services Group were worth $335,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of The PNC Financial Services Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider’s stock valued at $6,673,217,000 after acquiring an additional 248,252 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after purchasing an additional 1,964,157 shares in the last quarter. Ameriprise Financial Inc. raised its stake in The PNC Financial Services Group by 0.5% during the first quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after purchasing an additional 24,588 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in The PNC Financial Services Group by 41.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after purchasing an additional 830,440 shares during the last quarter. Finally, Amundi grew its stake in shares of The PNC Financial Services Group by 76.1% in the 1st quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock worth $352,592,000 after buying an additional 944,731 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 2,151 shares of company stock worth $400,092. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $184.07 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06. The stock’s fifty day moving average price is $193.80 and its 200-day moving average price is $186.91. The firm has a market cap of $72.49 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.26 and a beta of 1.12. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month 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 company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.49 earnings per share. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Bank of America increased their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Wall Street Zen raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Finally, Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. One research 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $218.47.

The PNC Financial Services Group 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 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.