Principal Financial Group Inc. Sells 101,548 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Principal Financial Group Inc. decreased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,173,924 shares of the financial services provider's stock after selling 101,548 shares during the period. Principal Financial Group Inc. owned approximately 0.55% of The PNC Financial Services Group worth $419,241,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Exchange Traded Concepts LLC bought a new position in shares of The PNC Financial Services Group in the third quarter worth about $70,000. Creative Planning lifted its stake in The PNC Financial Services Group by 8.7% in the third quarter. Creative Planning now owns 75,927 shares of the financial services provider's stock worth $14,035,000 after acquiring an additional 6,055 shares during the period. Aaron Wealth Advisors LLC purchased a new stake in The PNC Financial Services Group in the third quarter worth about $258,000. Stratos Wealth Partners LTD. lifted its stake in The PNC Financial Services Group by 13.1% in the third quarter. Stratos Wealth Partners LTD. now owns 45,320 shares of the financial services provider's stock worth $8,377,000 after acquiring an additional 5,261 shares during the period. Finally, Blue Trust Inc. lifted its stake in The PNC Financial Services Group by 20.1% in the third quarter. Blue Trust Inc. now owns 4,308 shares of the financial services provider's stock worth $796,000 after acquiring an additional 722 shares during the period. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PNC shares. Piper Sandler increased their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an "underweight" rating in a research report on Friday, January 17th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Compass Point increased their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Finally, Truist Financial increased 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 research report 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 company's stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of "Hold" and an average price target of $205.00.

The PNC Financial Services Group Price Performance

NYSE PNC traded down $2.32 during trading hours on Thursday, reaching $191.89. 1,770,473 shares of the company's stock were exchanged, compared to its average volume of 2,197,184. The stock has a market cap of $76.14 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.59 and a beta of 1.16. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26. The firm has a fifty day moving average of $196.55 and a 200-day 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 (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm's revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $3.16 EPS. On average, equities research 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. Investors of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group's payout ratio is currently 46.55%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $202.11, for a total value of $251,020.62. Following the completion of the sale, the chief executive officer now directly owns 522,587 shares in the company, valued at approximately $105,620,058.57. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 13,662 shares of company stock worth $2,730,549. Company 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.