KLP Kapitalforvaltning AS Invests $32.74 Million in The PNC Financial Services Group, Inc. (NYSE:PNC)

KLP Kapitalforvaltning AS purchased a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 169,747 shares of the financial services provider's stock, valued at approximately $32,736,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. lifted its position in The PNC Financial Services Group by 1.0% during the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider's stock worth $420,621,000 after buying an additional 22,271 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of The PNC Financial Services Group by 12.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 37,096 shares of the financial services provider's stock worth $6,857,000 after acquiring an additional 4,186 shares during the period. LPL Financial LLC boosted its position in shares of The PNC Financial Services Group by 5.2% in the third quarter. LPL Financial LLC now owns 628,897 shares of the financial services provider's stock worth $116,252,000 after acquiring an additional 31,318 shares during the last quarter. GM Advisory Group LLC acquired a new position in The PNC Financial Services Group during the third quarter worth approximately $232,000. Finally, Meridian Wealth Management LLC purchased a new position in The PNC Financial Services Group during the third quarter worth approximately $1,071,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $202.11, for a total transaction of $251,020.62. Following the transaction, the chief executive officer now owns 522,587 shares of the company's stock, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 13,662 shares of company stock valued at $2,582,789 in the last ninety days. Company insiders own 0.42% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $1.82 during trading hours on Thursday, reaching $175.10. The company's stock had a trading volume of 2,324,356 shares, compared to its average volume of 1,769,777. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The business has a 50-day simple moving average of $188.86 and a 200 day simple moving average of $192.20. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The stock has a market cap of $69.30 billion, a PE ratio of 12.73, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (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 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the firm posted $3.16 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.66%. The PNC Financial Services Group's dividend payout ratio is presently 46.55%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PNC. Compass Point increased their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. The Goldman Sachs Group cut their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. 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 report on Tuesday, December 3rd. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an "underweight" rating in a report on Friday, January 17th. Finally, Barclays boosted their price objective on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $201.65.

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.