Capital Group Private Client Services Inc. Decreases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Capital Group Private Client Services Inc. trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 1.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 300,450 shares of the financial services provider's stock after selling 5,266 shares during the period. Capital Group Private Client Services Inc. owned 0.08% of The PNC Financial Services Group worth $57,942,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PNC. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $1,352,151,000. Schroder Investment Management Group grew its holdings in The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after acquiring an additional 860,554 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after purchasing an additional 726,115 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of The PNC Financial Services Group by 22.5% in the fourth quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider's stock valued at $746,435,000 after purchasing an additional 710,311 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after acquiring an additional 549,278 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 2.7 %

PNC stock traded up $4.19 on Wednesday, hitting $158.64. 1,200,825 shares of the company were exchanged, compared to its average volume of 1,988,385. The PNC Financial Services Group, Inc. has a twelve month low of $145.12 and a twelve month high of $216.26. The business's fifty day moving average is $171.91 and its two-hundred day moving average is $188.77. The stock has a market capitalization of $62.78 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. As a group, research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group's payout ratio is currently 45.20%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. The Goldman Sachs Group lowered their target price on The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Barclays cut their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Finally, Truist Financial reduced their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $200.88.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $150.50, for a total transaction of $96,470.50. Following the completion of the sale, the chief executive officer now directly owns 562,291 shares in the company, valued at $84,624,795.50. The trade was a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 12,460 shares of company stock valued at $2,223,979. 0.41% of the stock is currently owned by corporate insiders.

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.