Cadence Bank Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cadence Bank lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 5,057 shares of the financial services provider’s stock after buying an additional 188 shares during the period. Cadence Bank’s holdings in The PNC Financial Services Group were worth $935,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. ORG Partners LLC boosted its position in shares of The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. Bank & Trust Co bought a new stake in The PNC Financial Services Group during the second quarter worth $26,000. LRI Investments LLC bought a new stake in The PNC Financial Services Group during the first quarter worth $28,000. Valley Wealth Managers Inc. lifted its holdings in The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the period. Finally, Y.D. More Investments Ltd bought a new stake in The PNC Financial Services Group during the second quarter worth $33,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $181.35, for a total transaction of $225,236.70. Following the completion of the transaction, the chief executive officer now directly owns 548,491 shares in the company, valued at $99,468,842.85. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the transaction, the director now owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,788 shares of company stock worth $5,573,027 over the last ninety days. 0.42% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $215.00 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a 52-week low of $127.83 and a 52-week high of $216.18. The firm has a market cap of $85.31 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.22 and a beta of 1.13. The business’s fifty day moving average is $192.94 and its 200 day moving average is $175.90.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data 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 company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period in the previous year, the company posted $3.60 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is 54.10%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PNC. Barclays lifted their price target on The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Stephens lifted their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup lifted their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday. Finally, Evercore ISI boosted their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $189.15.

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.