Brookmont Capital Management Sells 119 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Brookmont Capital Management cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.9% in the fourth quarter, HoldingsChannel reports. The fund owned 13,836 shares of the financial services provider’s stock after selling 119 shares during the period. The PNC Financial Services Group makes up approximately 1.4% of Brookmont Capital Management’s holdings, making the stock its 25th largest holding. Brookmont Capital Management’s holdings in The PNC Financial Services Group were worth $2,668,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. XTX Topco Ltd bought a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $512,000. Intech Investment Management LLC boosted its stake in The PNC Financial Services Group by 65.9% in the 2nd quarter. Intech Investment Management LLC now owns 3,003 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 1,193 shares during the period. AE Wealth Management LLC boosted its stake in The PNC Financial Services Group by 38.4% in the 2nd quarter. AE Wealth Management LLC now owns 10,742 shares of the financial services provider’s stock worth $1,670,000 after purchasing an additional 2,983 shares during the period. Pacer Advisors Inc. boosted its stake in The PNC Financial Services Group by 4.6% in the 2nd quarter. Pacer Advisors Inc. now owns 28,517 shares of the financial services provider’s stock worth $4,434,000 after purchasing an additional 1,252 shares during the period. Finally, Sei Investments Co. boosted its stake in The PNC Financial Services Group by 7.5% in the 2nd quarter. Sei Investments Co. now owns 372,791 shares of the financial services provider’s stock worth $57,961,000 after purchasing an additional 25,868 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $192.88, for a total value of $239,556.96. Following the sale, the chief executive officer now directly owns 526,313 shares in the company, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,171 shares of company stock valued at $5,768,325. 0.42% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on PNC shares. Morgan Stanley upped their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday. The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Citigroup upped their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Evercore ISI upped their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Truist Financial upped their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $205.00.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $198.36 on Tuesday. The stock’s fifty day moving average is $201.40 and its two-hundred day moving average is $187.43. The company has a market capitalization of $78.71 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.85 and a beta of 1.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 52 week low of $139.69 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.16 EPS. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 15.03 earnings per share for the current 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. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

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.