Contravisory Investment Management Inc. Trims Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Contravisory Investment Management Inc. lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 47,228 shares of the financial services provider’s stock after selling 111 shares during the quarter. The PNC Financial Services Group comprises 1.9% of Contravisory Investment Management Inc.’s investment portfolio, making the stock its 19th biggest holding. Contravisory Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $9,108,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. USA Financial Formulas raised its position in The PNC Financial Services Group by 212.4% in the 4th quarter. USA Financial Formulas now owns 4,020 shares of the financial services provider’s stock valued at $775,000 after purchasing an additional 2,733 shares during the last quarter. BluePath Capital Management LLC boosted its stake in shares of The PNC Financial Services Group by 17.0% during the fourth quarter. BluePath Capital Management LLC now owns 4,425 shares of the financial services provider’s stock worth $852,000 after buying an additional 643 shares during the period. Pinnacle Bancorp Inc. grew its holdings in shares of The PNC Financial Services Group by 460.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 499 shares of the financial services provider’s stock worth $96,000 after buying an additional 410 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its position in The PNC Financial Services Group by 4.1% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 4,436 shares of the financial services provider’s stock valued at $856,000 after acquiring an additional 176 shares during the period. Finally, Roble Belko & Company Inc raised its stake in The PNC Financial Services Group by 160.8% during the 4th quarter. Roble Belko & Company Inc now owns 1,622 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PNC. Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday, October 16th. Truist Financial began coverage on shares of The PNC Financial Services Group in a research report on Tuesday, January 7th. They set a “hold” rating and a $215.00 price objective for the company. Evercore ISI lifted their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Compass Point raised their price objective on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Piper Sandler boosted their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $203.29.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $200.07 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $79.38 billion, a P/E ratio of 16.91, a PEG ratio of 1.77 and a beta of 1.16. The firm has a fifty day moving average of $201.75 and a 200-day moving average of $186.58. 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 released 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 PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. As a group, analysts predict that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.20%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $190.57, for a total transaction of $236,687.94. Following the completion of the sale, the chief executive officer now owns 546,007 shares in the company, valued at approximately $104,052,553.99. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,272 shares of company stock worth $6,164,890 in the last three months. 0.42% of the stock is owned by insiders.

The PNC Financial Services Group 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.