Federated Hermes Inc. Sells 628,848 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Federated Hermes Inc. reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 20.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,500,304 shares of the financial services provider’s stock after selling 628,848 shares during the quarter. The PNC Financial Services Group comprises 1.0% of Federated Hermes Inc.’s investment portfolio, making the stock its 12th largest position. Federated Hermes Inc.’s holdings in The PNC Financial Services Group were worth $387,172,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. FMR LLC grew its position in shares of The PNC Financial Services Group by 6.7% in the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after buying an additional 893,808 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of The PNC Financial Services Group by 7.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after buying an additional 860,489 shares during the last quarter. Geode Capital Management LLC grew its position in shares of The PNC Financial Services Group by 2.4% in the 1st quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after buying an additional 171,876 shares during the last quarter. Invesco Ltd. grew its position in shares of The PNC Financial Services Group by 10.4% in the 3rd quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock worth $634,024,000 after buying an additional 484,475 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of The PNC Financial Services Group by 2.0% in the 3rd quarter. Northern Trust Corp now owns 4,702,020 shares of the financial services provider’s stock worth $577,267,000 after buying an additional 93,636 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Up 0.9 %

Shares of PNC stock traded up $1.37 during mid-day trading on Thursday, hitting $148.62. The company’s stock had a trading volume of 295,400 shares, compared to its average volume of 2,130,578. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $162.24. The business has a 50-day moving average price of $151.80 and a 200 day moving average price of $141.68. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market cap of $59.12 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.69 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the business earned $3.98 earnings per share. The company’s revenue was down 8.2% on a year-over-year basis. Research analysts predict that The PNC Financial Services Group, Inc. will post 12.42 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s payout ratio is currently 52.06%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price target for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. Evercore ISI dropped their price target on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley lifted their price target on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday. Finally, Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $156.63.

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.