Magnetar Financial LLC Purchases Shares of 19,550 The PNC Financial Services Group, Inc. (NYSE:PNC)

Magnetar Financial LLC acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 19,550 shares of the financial services provider's stock, valued at approximately $3,770,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of The PNC Financial Services Group by 0.6% during the 3rd quarter. State Street Corp now owns 17,299,381 shares of the financial services provider's stock valued at $3,197,791,000 after purchasing an additional 100,573 shares during the period. Franklin Resources Inc. grew its holdings in The PNC Financial Services Group by 1.2% during the third quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider's stock worth $1,939,154,000 after acquiring an additional 123,994 shares during the period. Geode Capital Management LLC raised its position in The PNC Financial Services Group by 2.0% in the third quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider's stock worth $1,541,155,000 after acquiring an additional 166,138 shares in the last quarter. Bank of New York Mellon Corp raised its position in 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 worth $746,435,000 after acquiring an additional 710,311 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in The PNC Financial Services Group by 1.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,950,394 shares of the financial services provider's stock valued at $545,380,000 after acquiring an additional 42,887 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. The Goldman Sachs Group dropped their target price on shares of 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 lifted their price target 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. Stephens reaffirmed 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. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a "neutral" rating in a report on Tuesday, December 3rd. Finally, Compass Point raised their price objective on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $201.65.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $172.00, for a total value of $213,624.00. Following the completion of the sale, the chief executive officer now directly owns 566,057 shares in the company, valued at approximately $97,361,804. This represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 13,662 shares of company stock worth $2,582,789. 0.42% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Up 0.2 %

NYSE PNC traded up $0.30 on Tuesday, reaching $176.84. The stock had a trading volume of 2,035,865 shares, compared to its average volume of 1,761,982. 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 1 year low of $143.52 and a 1 year high of $216.26. The business has a 50 day moving average price of $189.70 and a 200 day moving average price of $192.31. The company has a market capitalization of $69.98 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.55 and a beta 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 (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period in the previous year, the company earned $3.16 EPS. The firm's revenue was up 3.8% on a year-over-year basis. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.62%. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.55%.

The PNC Financial Services Group Company 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.