Salzhauer Michael Reduces Stock Holdings in The PNC Financial Services Group, Inc $PNC

Salzhauer Michael cut its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 21.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,598 shares of the financial services provider’s stock after selling 2,558 shares during the period. The PNC Financial Services Group makes up 0.9% of Salzhauer Michael’s holdings, making the stock its 22nd biggest holding. Salzhauer Michael’s holdings in The PNC Financial Services Group were worth $1,929,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Focus Partners Advisor Solutions LLC raised its position in shares of The PNC Financial Services Group by 28.1% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 29,353 shares of the financial services provider’s stock worth $5,159,000 after acquiring an additional 6,430 shares in the last quarter. Cullen Capital Management LLC boosted its holdings in The PNC Financial Services Group by 3.8% in the second quarter. Cullen Capital Management LLC now owns 204,875 shares of the financial services provider’s stock valued at $38,193,000 after purchasing an additional 7,478 shares in the last quarter. Harbour Investments Inc. increased its stake in The PNC Financial Services Group by 115.1% in the second quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock valued at $1,050,000 after purchasing an additional 3,013 shares during the last quarter. OMNI 360 Wealth Inc. acquired a new stake in The PNC Financial Services Group during the second quarter worth approximately $573,000. Finally, AQR Capital Management LLC raised its holdings in The PNC Financial Services Group by 134.9% during the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after purchasing an additional 1,917,530 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNC has been the subject of several research analyst reports. Stephens restated an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $219.11.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred 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 sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’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 transaction, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $211.94 on Tuesday. The stock has a market capitalization of $83.11 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $214.59. The company’s fifty day moving average is $193.82 and its two-hundred day moving average is $194.04.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations 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 business’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the business earned $3.49 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is currently 43.93%.

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.