Convergence Investment Partners LLC Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Convergence Investment Partners LLC grew its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 23.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,129 shares of the financial services provider's stock after purchasing an additional 2,849 shares during the quarter. Convergence Investment Partners LLC's holdings in The PNC Financial Services Group were worth $2,918,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PNC. Loomis Sayles & Co. L P increased its holdings in The PNC Financial Services Group by 8.7% in the third 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 in the last quarter. Baltimore Washington Financial Advisors Inc. grew its position in shares of 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 acquiring an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of The PNC Financial Services Group by 2.4% in 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 in the last quarter. MFA Wealth Advisors LLC raised its holdings in The PNC Financial Services Group by 5.4% in the 3rd quarter. MFA Wealth Advisors LLC now owns 1,082 shares of the financial services provider's stock worth $200,000 after purchasing an additional 55 shares during the period. Finally, Altman Advisors Inc. boosted its position in The PNC Financial Services Group by 0.5% during the third quarter. Altman Advisors Inc. now owns 10,506 shares of the financial services provider's stock worth $1,942,000 after purchasing an additional 56 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $209.24, for a total transaction of $259,876.08. Following the completion of the sale, the chief executive officer now directly owns 532,523 shares of the company's stock, valued at approximately $111,425,112.52. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 12,420 shares of company stock valued at $2,474,722. 0.42% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on PNC. The Goldman Sachs Group boosted their price objective on 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. Stephens reissued an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a report on Friday, January 17th. Piper Sandler increased their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an "underweight" rating in a research note on Friday, January 17th. Finally, Barclays raised 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 research note 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $205.00.

The PNC Financial Services Group Trading Down 2.1 %

NYSE PNC traded down $3.99 on Friday, reaching $187.90. 1,991,887 shares of the company were exchanged, compared to its average volume of 2,191,146. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. The stock has a market capitalization of $74.55 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.57 and a beta of 1.16. The business's fifty day moving average price is $196.34 and its 200 day moving average price is $191.49. 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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share 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 in the previous year, the company posted $3.16 EPS. The company's revenue was up 3.8% compared to the same quarter last year. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.41%. The PNC Financial Services Group's dividend payout ratio is currently 46.55%.

About The PNC Financial Services Group

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.