Leavell Investment Management Inc. Lowers Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Posted by Defense World Staff on Mar 25th, 2023

Leavell Investment Management Inc. lowered its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,798 shares of the financial services provider’s stock after selling 100 shares during the quarter. Leavell Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $442,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Quadrant Capital Group LLC raised its holdings in shares of The PNC Financial Services Group by 1.4% during the third quarter. Quadrant Capital Group LLC now owns 4,417 shares of the financial services provider’s stock valued at $660,000 after acquiring an additional 62 shares during the last quarter. Calamos Wealth Management LLC increased its stake in The PNC Financial Services Group by 3.6% during the third quarter. Calamos Wealth Management LLC now owns 1,820 shares of the financial services provider’s stock worth $272,000 after acquiring an additional 64 shares during the last quarter. Dividend Assets Capital LLC boosted its position in shares of The PNC Financial Services Group by 17.6% during the third quarter. Dividend Assets Capital LLC now owns 441 shares of the financial services provider’s stock worth $66,000 after buying an additional 66 shares during the period. Crawford Investment Counsel Inc. boosted its position in shares of The PNC Financial Services Group by 5.2% during the second quarter. Crawford Investment Counsel Inc. now owns 1,352 shares of the financial services provider’s stock worth $213,000 after buying an additional 67 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in shares of The PNC Financial Services Group by 33.5% during the first quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after buying an additional 67 shares during the period. Institutional investors and hedge funds own 82.05% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak purchased 1,000 shares of The PNC Financial Services Group stock in a transaction on Monday, March 13th. The shares were purchased at an average cost of $129.70 per share, for a total transaction of $129,700.00. Following the completion of the transaction, the chief executive officer now directly owns 525,349 shares in the company, valued at $68,137,765.30. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO William S. Demchak bought 6,550 shares of the company’s stock in a transaction on Friday, January 20th. The stock was bought at an average cost of $153.38 per share, with a total value of $1,004,639.00. Following the completion of the purchase, the chief executive officer now owns 482,924 shares in the company, valued at approximately $74,070,883.12. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak bought 1,000 shares of the company’s stock in a transaction on Monday, March 13th. The stock was bought at an average cost of $129.70 per share, with a total value of $129,700.00. Following the completion of the purchase, the chief executive officer now owns 525,349 shares of the company’s stock, valued at approximately $68,137,765.30. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of recent research reports. UBS Group lowered The PNC Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $190.00 to $176.00 in a report on Tuesday, January 10th. Deutsche Bank Aktiengesellschaft upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their price target for the company from $200.00 to $190.00 in a research report on Friday, January 6th. Piper Sandler boosted their price target on The PNC Financial Services Group from $150.00 to $164.00 and gave the company a “neutral” rating in a research report on Wednesday, February 15th. Wolfe Research lifted their price objective on The PNC Financial Services Group from $164.00 to $170.00 in a report on Thursday, December 1st. Finally, Odeon Capital Group raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $176.27 price objective on the stock in a report on Tuesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $179.69.

The PNC Financial Services Group Stock Up 1.7 %

The PNC Financial Services Group stock opened at $124.15 on Friday. The company has a market capitalization of $49.62 billion, a P/E ratio of 8.95, a P/E/G ratio of 1.05 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1-year low of $119.27 and a 1-year high of $198.98. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.28. The firm’s fifty day simple moving average is $151.24 and its 200-day simple moving average is $155.80.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last posted its quarterly earnings results on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.95 by ($0.46). The PNC Financial Services Group had a return on equity of 12.88% and a net margin of 25.73%. The company had revenue of $5.76 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the business earned $2.86 earnings per share. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. Sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 14.59 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, February 5th. Shareholders of record on Tuesday, January 17th were given a $1.50 dividend. The ex-dividend date of this dividend was Friday, January 13th. This represents a $6.00 dividend on an annualized basis and a yield of 4.83%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.26%.

The PNC Financial Services Group Profile

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.