JGP Wealth Management LLC Has $16.23 Million Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

JGP Wealth Management LLC trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,787 shares of the financial services provider’s stock after selling 1,384 shares during the quarter. The PNC Financial Services Group accounts for 2.4% of JGP Wealth Management LLC’s holdings, making the stock its 7th biggest holding. JGP Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $16,226,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PNC. State Street Corp grew its stake in The PNC Financial Services Group by 1.0% during the second quarter. State Street Corp now owns 17,127,040 shares of the financial services provider’s stock worth $2,157,151,000 after buying an additional 170,387 shares in the last quarter. FMR LLC boosted its position in shares of The PNC Financial Services Group by 6.7% during the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after acquiring an additional 893,808 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in The PNC Financial Services Group by 7.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock valued at $2,064,357,000 after acquiring an additional 860,489 shares during the last quarter. Capital International Investors raised its position in The PNC Financial Services Group by 615.1% during the second quarter. Capital International Investors now owns 8,623,735 shares of the financial services provider’s stock valued at $1,086,142,000 after purchasing an additional 7,417,830 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of The PNC Financial Services Group by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,369,554 shares of the financial services provider’s stock valued at $925,399,000 after purchasing an additional 150,470 shares in the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNC. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a research note on Tuesday, December 19th. Odeon Capital Group upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price objective for the company in a report on Thursday, December 14th. Stephens reissued an “equal weight” rating and set a $138.00 target price on shares of The PNC Financial Services Group in a report on Tuesday, December 5th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the company an “underperform” rating in a research note on Wednesday, January 3rd. Finally, Piper Sandler boosted their price objective on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the stock a “neutral” rating in a research note on Friday, December 8th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $146.59.

The PNC Financial Services Group Stock Up 0.6 %

Shares of PNC traded up $0.82 during trading hours on Monday, hitting $149.60. The stock had a trading volume of 1,185,618 shares, compared to its average volume of 2,320,845. The firm has a 50 day simple moving average of $149.37 and a 200-day simple moving average of $136.61. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $157.69. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $59.51 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 1.73 and a beta of 1.17.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The PNC Financial Services Group’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.49 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 12.28 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Tuesday, January 16th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, January 12th. This represents a $6.20 annualized dividend and a yield of 4.14%. The PNC Financial Services Group’s payout ratio is 48.48%.

The PNC Financial Services Group Company 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.