Franklin Resources Inc. Increases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Franklin Resources Inc. raised its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,835,480 shares of the financial services provider's stock after purchasing an additional 549,278 shares during the period. Franklin Resources Inc. owned about 2.73% of The PNC Financial Services Group worth $2,089,622,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of The PNC Financial Services Group by 1.0% in the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider's stock valued at $420,621,000 after acquiring an additional 22,271 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in The PNC Financial Services Group by 81.2% during the 3rd quarter. CreativeOne Wealth LLC now owns 4,708 shares of the financial services provider's stock worth $870,000 after purchasing an additional 2,110 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of The PNC Financial Services Group by 88.1% during the third 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 buying an additional 274,186 shares in the last quarter. Ironwood Investment Counsel LLC acquired a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $211,000. Finally, Encompass More Asset Management purchased a new position in shares of The PNC Financial Services Group in the third quarter worth about $201,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PNC shares. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $206.00 to $202.00 in a research note on Monday. The Goldman Sachs Group reduced their price target on The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a "hold" rating in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. decreased their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of "Hold" and a consensus target price of $205.65.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $192.88, for a total value of $239,556.96. Following the completion of the sale, the chief executive officer now owns 526,313 shares in the company, valued at $101,515,251.44. This represents a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 13,662 shares of company stock valued at $2,559,389 over the last ninety days. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Down 9.1 %

The PNC Financial Services Group stock traded down $16.03 during mid-day trading on Thursday, reaching $160.99. 3,406,123 shares of the company's stock were exchanged, compared to its average volume of 1,893,362. The company has a market cap of $63.71 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.55 and a beta of 1.04. The company has a fifty day moving average of $186.59 and a 200-day moving average of $192.07. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The company has a quick ratio of 0.81, a current 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 quarterly 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 net margin of 17.10% and a return on equity of 11.12%. The company had revenue of $5.57 billion during the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter in the previous year, the business posted $3.16 EPS. The firm's revenue was up 3.8% on a year-over-year basis. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.98%. The PNC Financial Services Group's dividend payout ratio is presently 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.