Picton Mahoney Asset Management Increases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Picton Mahoney Asset Management increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 4,410.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,182 shares of the financial services provider's stock after acquiring an additional 40,269 shares during the quarter. Picton Mahoney Asset Management's holdings in The PNC Financial Services Group were worth $7,942,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Winch Advisory Services LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $25,000. Richardson Financial Services Inc. increased its stake in The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 140 shares during the period. Albion Financial Group UT acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $30,000. Synergy Asset Management LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $32,000. Finally, Rialto Wealth Management LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $32,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

PNC stock traded up $0.51 during trading on Wednesday, reaching $173.86. 3,026,203 shares of the company were exchanged, compared to its average volume of 1,744,774. The company has a market cap of $68.81 billion, a P/E ratio of 12.64, a PEG ratio of 1.55 and a beta 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 stock's 50 day moving average price is $191.18 and its 200 day moving average price is $192.56. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

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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 net margin of 17.10% and a return on equity of 11.12%. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts predict 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.68%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.55%.

Analyst Ratings Changes

PNC has been the topic of a number of recent research reports. Citigroup lifted their price objective on shares of 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 lifted 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 research note on Tuesday, December 3rd. Stephens reiterated an "equal weight" rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Morgan Stanley boosted their price target 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, Truist Financial boosted their price target on shares of 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Hold" and an average target price of $203.71.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $193.62, for a total value of $240,476.04. Following the sale, the chief executive officer now owns 528,797 shares of the company's stock, valued at $102,385,675.14. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 13,662 shares of company stock valued at $2,604,263 over the last quarter. Corporate insiders own 0.42% of the company's stock.

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.