Avanza Fonder AB Purchases Shares of 29,306 The PNC Financial Services Group, Inc. (NYSE:PNC)

Avanza Fonder AB acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 29,306 shares of the financial services provider's stock, valued at approximately $5,652,000.

Other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its holdings in shares of The PNC Financial Services Group by 12,940.0% in the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider's stock valued at $99,262,000 after purchasing an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of The PNC Financial Services Group by 160.9% in the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider's stock valued at $129,836,000 after purchasing an additional 433,178 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of The PNC Financial Services Group by 152.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider's stock valued at $71,163,000 after purchasing an additional 276,200 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of The PNC Financial Services Group by 88.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider's stock valued at $108,217,000 after purchasing an additional 274,186 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of The PNC Financial Services Group by 5,419.9% in the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider's stock valued at $40,277,000 after purchasing an additional 254,356 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Insiders Place Their Bets

In other news, Director Martin Pfinsgraff sold 859 shares of the business's stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now owns 915 shares of the company's stock, valued at approximately $170,299.80. The trade was a 48.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the business's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now directly owns 38,649 shares of the company's stock, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,030 shares of company stock valued at $5,928,202 over the last 90 days. Insiders own 0.42% of the company's stock.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock traded up $1.82 during midday trading on Friday, hitting $198.36. 4,465,710 shares of the company's stock were exchanged, compared to its average volume of 1,593,872. The PNC Financial Services Group, Inc. has a 52-week low of $139.69 and a 52-week high of $216.26. The stock has a 50-day moving average price of $201.40 and a two-hundred day moving average price of $187.03. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $78.71 billion, a P/E ratio of 16.77, a PEG ratio of 1.77 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate 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 business had revenue of $5.57 billion during the quarter, compared to analysts' expectations of $5.51 billion. During the same period in the previous year, the business earned $3.16 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. On average, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 54.10%.

Analyst Ratings Changes

A number of brokerages recently commented on PNC. Morgan Stanley lifted their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an "underweight" rating in a report on Friday. The Goldman Sachs Group lifted their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Truist Financial lifted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a "hold" rating in a report on Friday. Citigroup boosted their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Finally, Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an "underperform" rating in a research note on Wednesday, October 16th. Two 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $205.00.

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.