Park Avenue Securities LLC grew its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 20.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,297 shares of the financial services provider’s stock after purchasing an additional 1,943 shares during the quarter. Park Avenue Securities LLC’s holdings in The PNC Financial Services Group were worth $2,179,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV grew its holdings in shares of The PNC Financial Services Group by 9.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 29,510 shares of the financial services provider’s stock worth $4,588,000 after buying an additional 2,670 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of The PNC Financial Services Group by 7.3% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,387 shares of the financial services provider’s stock valued at $2,081,000 after buying an additional 908 shares during the period. Blair William & Co. IL increased its stake in The PNC Financial Services Group by 216.5% during the second quarter. Blair William & Co. IL now owns 45,739 shares of the financial services provider’s stock worth $7,112,000 after acquiring an additional 31,289 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $512,000. Finally, MQS Management LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $487,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Up 0.9 %
PNC opened at $198.36 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26. The stock has a market capitalization of $78.71 billion, a P/E ratio of 16.77, a P/E/G ratio of 1.77 and a beta of 1.16. The business has a 50 day simple moving average of $201.51 and a 200-day simple moving average of $186.74.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates 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%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the company earned $3.16 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.23%. The PNC Financial Services Group’s payout ratio is currently 54.10%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on PNC. Truist Financial lifted their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday. Evercore ISI increased their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Piper Sandler lifted their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley boosted their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $205.00.
Read Our Latest Stock Analysis on PNC
Insider Buying and Selling at The PNC Financial Services Group
In related news, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now owns 915 shares in the company, valued at $170,299.80. This represents a 48.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 10th. The stock was sold at an average price of $192.88, for a total value of $239,556.96. Following the transaction, the chief executive officer now directly owns 526,313 shares of the company’s stock, valued at approximately $101,515,251.44. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,030 shares of company stock valued at $5,928,202. Corporate insiders own 0.42% of the company’s stock.
The PNC Financial Services Group Company Profile
(Free Report)
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.
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