The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Metropolitan Life Insurance Co NY

Metropolitan Life Insurance Co NY trimmed its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,393 shares of the financial services provider’s stock after selling 542 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in The PNC Financial Services Group were worth $2,191,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blair William & Co. IL increased its stake in The PNC Financial Services Group by 0.5% during the 1st quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider’s stock worth $3,135,000 after buying an additional 89 shares in the last quarter. Cetera Investment Advisers raised its stake in The PNC Financial Services Group by 12.0% in the 1st quarter. Cetera Investment Advisers now owns 16,141 shares of the financial services provider’s stock valued at $2,977,000 after purchasing an additional 1,724 shares during the last quarter. Covestor Ltd lifted its holdings in The PNC Financial Services Group by 68.8% in the 1st quarter. Covestor Ltd now owns 336 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 137 shares in the last quarter. West Family Investments Inc. grew its holdings in shares of The PNC Financial Services Group by 9.1% during the first quarter. West Family Investments Inc. now owns 1,164 shares of the financial services provider’s stock worth $215,000 after buying an additional 97 shares in the last quarter. Finally, Ergoteles LLC raised its position in shares of The PNC Financial Services Group by 137.9% in the first quarter. Ergoteles LLC now owns 21,048 shares of the financial services provider’s stock valued at $3,882,000 after buying an additional 12,201 shares during the last quarter. Hedge funds and other institutional investors own 80.14% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $130.34 on Tuesday. The stock has a market capitalization of $51.92 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 1.15 and a beta of 1.14. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50-day moving average of $120.50 and a 200 day moving average of $123.00. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $170.27.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $3.60 EPS for the quarter, beating the consensus estimate of $3.10 by $0.50. The PNC Financial Services Group had a net margin of 20.39% and a return on equity of 12.91%. The business had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the firm posted $3.78 earnings per share. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 13.86 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th were paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 4.76%. The ex-dividend date was Monday, October 16th. The PNC Financial Services Group’s payout ratio is currently 43.03%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price objective on shares of The PNC Financial Services Group in a research note on Tuesday, October 24th. StockNews.com lowered The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday. Stephens cut their target price on The PNC Financial Services Group from $143.00 to $138.00 and set an “equal weight” rating for the company in a research note on Monday, October 16th. Morgan Stanley dropped their price objective on shares of The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating for the company in a report on Tuesday, October 3rd. Finally, Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a research note on Friday, September 15th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $150.99.

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 certificates of 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.