CIBC Asset Management Inc Raises Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

CIBC Asset Management Inc raised its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 119,714 shares of the financial services provider's stock after purchasing an additional 9,457 shares during the period. CIBC Asset Management Inc's holdings in The PNC Financial Services Group were worth $23,087,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. International Assets Investment Management LLC increased its position in shares of The PNC Financial Services Group by 12,940.0% during the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider's stock worth $99,262,000 after buying an additional 532,871 shares during the period. Assenagon Asset Management S.A. grew its holdings in The PNC Financial Services Group by 160.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider's stock worth $129,836,000 after acquiring an additional 433,178 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in shares of The PNC Financial Services Group by 88.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider's stock worth $108,217,000 after acquiring an additional 274,186 shares in the last quarter. Toronto Dominion Bank raised its position in shares of The PNC Financial Services Group by 129.3% in the 3rd quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider's stock worth $82,768,000 after acquiring an additional 252,473 shares in the last quarter. Finally, Eastern Bank lifted its stake in shares of The PNC Financial Services Group by 1,884.1% in the 3rd quarter. Eastern Bank now owns 248,812 shares of the financial services provider's stock valued at $45,993,000 after purchasing an additional 236,272 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $189.29, for a total transaction of $235,098.18. Following the completion of the sale, the chief executive officer now directly owns 530,039 shares of the company's stock, valued at approximately $100,331,082.31. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 12,420 shares of company stock worth $2,474,722 in the last 90 days. Insiders own 0.42% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on PNC shares. Truist Financial raised their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a "hold" rating in a research note on Friday, January 17th. Piper Sandler raised their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Barclays raised their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Stephens reaffirmed an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $205.00.

The PNC Financial Services Group Stock Down 2.1 %

The PNC Financial Services Group stock traded down $3.99 during trading on Friday, hitting $187.90. 1,991,887 shares of the company were exchanged, compared to its average volume of 2,191,146. The company has a market capitalization of $74.55 billion, a P/E ratio of 13.67, a PEG ratio of 1.57 and a beta of 1.16. The business's 50 day moving average is $196.08 and its 200 day moving average is $191.64. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. 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 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 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the business posted $3.16 EPS. The business's revenue was up 3.8% compared to the same quarter last year. Analysts predict 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 was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.41%. The PNC Financial Services Group's dividend payout ratio is currently 46.55%.

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.