Ieq Capital LLC Raises Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Ieq Capital LLC lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 67.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,486 shares of the financial services provider's stock after purchasing an additional 13,091 shares during the quarter. Ieq Capital LLC's holdings in The PNC Financial Services Group were worth $6,265,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. International Assets Investment Management LLC boosted its holdings in 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 worth $99,262,000 after acquiring an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of The PNC Financial Services Group by 160.9% in the 3rd 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 during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in 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 purchasing an additional 274,186 shares in the last quarter. Toronto Dominion Bank grew its position in The PNC Financial Services Group by 129.3% during the 3rd quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider's stock worth $82,768,000 after purchasing an additional 252,473 shares during the last quarter. Finally, KBC Group NV increased its stake in The PNC Financial Services Group by 214.4% during the 4th quarter. KBC Group NV now owns 271,588 shares of the financial services provider's stock valued at $52,375,000 after purchasing an additional 185,210 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

PNC traded down $3.99 during midday trading on Friday, hitting $187.90. 1,991,887 shares of the company traded hands, compared to its average volume of 2,191,146. The company has a market capitalization of $74.55 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.57 and a beta of 1.16. The business has a 50 day simple moving average of $196.34 and a two-hundred day simple moving average of $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, Inc. has a 52-week low of $143.52 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $5.51 billion. During the same period last year, the company posted $3.16 EPS. The PNC Financial Services Group's quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 532,523 shares in the company, valued at approximately $111,425,112.52. This represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 12,420 shares of company stock valued at $2,474,722. 0.42% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stephens reiterated an "equal weight" rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Compass Point lifted their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Citigroup boosted their price target 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. Piper Sandler raised their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. Finally, Truist Financial upped their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a "hold" rating in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price 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.