Summit Global Investments Makes New Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Summit Global Investments acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 3,314 shares of the financial services provider's stock, valued at approximately $639,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Loomis Sayles & Co. L P boosted its position in The PNC Financial Services Group by 8.7% during the 3rd quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider's stock valued at $115,000 after buying an additional 50 shares during the period. Baltimore Washington Financial Advisors Inc. increased its holdings in The PNC Financial Services Group by 3.1% during the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider's stock valued at $324,000 after purchasing an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in The PNC Financial Services Group by 2.4% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider's stock valued at $434,000 after purchasing an additional 53 shares during the last quarter. Transcend Capital Advisors LLC lifted its holdings in The PNC Financial Services Group by 1.8% in the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider's stock worth $616,000 after buying an additional 55 shares during the period. Finally, Valmark Advisers Inc. raised its holdings in shares of The PNC Financial Services Group by 1.4% during the fourth quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider's stock valued at $773,000 after acquiring an additional 56 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PNC. Citigroup reduced their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday. Stephens reissued an "equal weight" rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an "underweight" rating in a report on Friday, January 17th. Truist Financial raised 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 report on Friday, January 17th. Finally, Barclays increased their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of "Hold" and a consensus target price of $201.65.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock traded down $1.82 during trading hours on Thursday, hitting $175.10. The company's stock had a trading volume of 2,324,356 shares, compared to its average volume of 1,769,550. The company 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 company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50 day moving average price of $188.86 and a two-hundred day moving average price of $192.20. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26.

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 the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter last year, the business posted $3.16 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

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

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $172.00, for a total transaction of $213,624.00. Following the completion of the transaction, the chief executive officer now owns 566,057 shares in the company, valued at $97,361,804. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have sold 13,662 shares of company stock worth $2,582,789. Corporate insiders own 0.42% of the company's stock.

The PNC Financial Services Group Company 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.