The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Bridge Creek Capital Management LLC

Bridge Creek Capital Management LLC reduced its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,299 shares of the financial services provider’s stock after selling 1,045 shares during the period. The PNC Financial Services Group makes up 1.7% of Bridge Creek Capital Management LLC’s holdings, making the stock its 15th largest position. Bridge Creek Capital Management LLC’s holdings in The PNC Financial Services Group were worth $5,650,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new position in The PNC Financial Services Group in the 2nd quarter worth $92,000. DekaBank Deutsche Girozentrale raised its stake in shares of The PNC Financial Services Group by 0.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 110,410 shares of the financial services provider’s stock worth $16,567,000 after purchasing an additional 422 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of The PNC Financial Services Group by 3.8% during the second quarter. GHP Investment Advisors Inc. now owns 12,072 shares of the financial services provider’s stock worth $1,877,000 after purchasing an additional 442 shares during the period. 1ST Source Bank purchased a new stake in The PNC Financial Services Group in the second quarter valued at approximately $278,000. Finally, Parallel Advisors LLC increased its holdings in The PNC Financial Services Group by 8.4% in the 2nd quarter. Parallel Advisors LLC now owns 3,594 shares of the financial services provider’s stock worth $559,000 after buying an additional 277 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

NYSE PNC traded up $2.60 during trading hours on Monday, hitting $191.62. 808,398 shares of the company’s stock traded hands, compared to its average volume of 1,876,735. The company has a market capitalization of $76.03 billion, a PE ratio of 16.20, a PEG ratio of 2.11 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 52-week low of $139.69 and a 52-week high of $216.26. The firm’s 50-day moving average is $201.47 and its 200-day moving average is $186.01.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the business earned $3.60 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.34%. The PNC Financial Services Group’s payout ratio is 54.10%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PNC shares. Citigroup upped their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Barclays boosted their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Truist Financial assumed coverage on shares of The PNC Financial Services Group in a research note on Tuesday, January 7th. They set a “hold” rating and a $215.00 price objective on the stock. Finally, Stephens lifted their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $203.29.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $190.27, for a total transaction of $236,315.34. Following the completion of the sale, the chief executive officer now directly owns 544,765 shares of the company’s stock, valued at approximately $103,652,436.55. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now directly owns 915 shares in the company, valued at $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,030 shares of company stock valued at $5,925,333. 0.42% of the stock is owned by company insiders.

About The PNC Financial Services Group

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.