Farmers National Bank Reduces Stake in PNC Financial Services by 31%

Farmers National Bank has decreased its equity position in The PNC Financial Services Group, Inc. (NYSE: PNC) by 31.0% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the bank now holds 1,469 shares of the financial services provider after selling 659 shares in the quarter. As of the latest filing, Farmers National Bank’s stake in PNC is valued at approximately $274,000.

Several other institutional investors have also adjusted their holdings in PNC. Brighton Jones LLC increased its position by 32.2% in the fourth quarter, now owning 4,041 shares valued at $779,000 following an acquisition of 984 shares. Cetera Investment Advisers raised its stake by 12.4% in the first quarter, resulting in ownership of 147,338 shares worth around $25.9 million after purchasing 16,215 additional shares.

Zurcher Kantonalbank Zurich Cantonalbank also grew its holdings by 1.0% in the first quarter. The bank now possesses 172,674 shares, valued at approximately $30.4 million, after acquiring 1,711 shares. Meanwhile, LPL Financial LLC boosted its position by 6.9%, increasing its total to 705,395 shares valued at $124 million following the purchase of 45,792 shares. Norden Group LLC raised its stake by 13.4%, ending up with 4,424 shares worth about $778,000.

Overall, institutional investors and hedge funds now control 83.53% of PNC’s stock.

Recent Insider Transactions

In related developments, The PNC Financial Services Group has witnessed notable insider transactions. Executive Vice President Deborah Guild sold 1,080 shares on October 24, 2023, at an average price of $186.97, totaling $201,927.60. Following this transaction, Guild holds 27,335 shares valued at approximately $5.1 million, representing a 3.80% decrease in her stake.

Additionally, Executive Vice President Michael Duane Thomas sold 1,000 shares on November 4, 2023, for a total of $183,570 at an average price of $183.57. After this sale, Thomas owns 5,802 shares valued at around $1.07 million, marking a 14.70% decline in his position.

In the last three months, insiders have sold a total of 2,151 shares valued at $400,092. Insiders currently hold 0.41% of the company’s stock.

Stock Performance and Financial Highlights

On October 15, 2023, The PNC Financial Services Group reported its latest quarterly earnings, revealing an earnings per share (EPS) of $4.35, surpassing analysts’ expectations of $4.05 by $0.30. The financial services provider achieved a net margin of 19.30% and a return on equity of 11.47%, with revenue reaching $5.92 billion for the quarter, exceeding estimates of $5.82 billion. This reflects an 8.9% increase in revenue compared to the same quarter in the previous year, where the EPS was $3.49.

As of the latest market opening, shares of PNC were trading at $188.95. The company has a 50-day simple moving average of $189.46 and a 200-day simple moving average of $189.04. Over the past year, PNC’s stock has fluctuated between a low of $145.12 and a high of $216.26.

In terms of financial ratios, PNC maintains a current ratio of 0.81, a quick ratio of 0.81, and a debt-to-equity ratio of 1.06. The company’s market capitalization stands at approximately $74.10 billion, with a price-to-earnings (P/E) ratio of 12.21 and a P/E to growth (P/E/G) ratio of 1.26.

Additionally, PNC recently declared a quarterly dividend of $1.70, which was paid on November 5, 2023, to stockholders of record on October 14, 2023. This dividend equates to an annualized payout of $6.80, reflecting a dividend yield of 3.6%. The company’s payout ratio stands at 43.93%.

The PNC Financial Services Group operates as a diversified financial services provider in the United States, offering a range of services across retail banking, corporate and institutional banking, and asset management.