Mercer Global Advisors Inc. ADV Sells 1,229 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Posted by on May 15th, 2023

Mercer Global Advisors Inc. ADV trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,231 shares of the financial services provider’s stock after selling 1,229 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in The PNC Financial Services Group were worth $3,827,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Quadrant Capital Group LLC boosted its holdings in The PNC Financial Services Group by 1.4% in 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. Institute for Wealth Management LLC. raised its holdings in The PNC Financial Services Group by 2.8% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,377 shares of the financial services provider’s stock valued at $375,000 after buying an additional 65 shares during the period. 1832 Asset Management L.P. increased its position in shares of The PNC Financial Services Group by 33.5% in the first quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 67 shares in the last quarter. Formidable Asset Management LLC boosted its position in The PNC Financial Services Group by 1.2% during the 4th quarter. Formidable Asset Management LLC now owns 5,739 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 69 shares during the period. Finally, Resources Investment Advisors LLC. lifted its stake in shares of The PNC Financial Services Group by 2.3% during the third quarter. Resources Investment Advisors LLC. now owns 3,153 shares of the financial services provider’s stock worth $471,000 after purchasing an additional 71 shares in the last quarter. 82.05% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 1.0 %

The PNC Financial Services Group stock opened at $111.58 on Monday. The stock has a market cap of $44.53 billion, a price-to-earnings ratio of 7.63, a PEG ratio of 1.03 and a beta of 1.12. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.24. The PNC Financial Services Group, Inc. has a 52 week low of $110.31 and a 52 week high of $176.47. The company’s 50-day moving average price is $125.26 and its two-hundred day moving average price is $147.36.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last released its earnings results on Friday, April 14th. The financial services provider reported $3.98 EPS for the quarter, beating the consensus estimate of $3.60 by $0.38. The PNC Financial Services Group had a net margin of 23.95% and a return on equity of 13.41%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same period in the prior year, the business earned $3.29 earnings per share. The business’s quarterly revenue was up 19.4% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc. will post 13.99 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 5th. Stockholders of record on Tuesday, April 18th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date of this dividend was Monday, April 17th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 41.04%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PNC shares. UBS Group raised their target price on The PNC Financial Services Group from $130.00 to $134.00 and gave the company a “neutral” rating in a report on Monday, April 17th. Citigroup decreased their target price on shares of The PNC Financial Services Group from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, April 17th. Royal Bank of Canada decreased their target price on shares of The PNC Financial Services Group from $185.00 to $167.00 and set an “outperform” rating for the company in a research note on Friday, March 24th. Morgan Stanley cut their price objective on shares of The PNC Financial Services Group from $163.00 to $137.00 and set an “underweight” rating on the stock in a report on Wednesday, April 5th. Finally, Piper Sandler lifted their target price on The PNC Financial Services Group from $150.00 to $164.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 15th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $162.30.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak acquired 1,000 shares of the stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $129.70 per share, with a total value of $129,700.00. Following the acquisition, the chief executive officer now owns 525,349 shares in the company, valued at approximately $68,137,765.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.39% of the company’s stock.

About The PNC Financial Services Group

(Get Rating)

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.

Featured Articles

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for The PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.