Resona Asset Management Co. Ltd. Buys New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Resona Asset Management Co. Ltd. bought a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 122,438 shares of the financial services provider's stock, valued at approximately $23,620,000.

Several other hedge funds have also bought and sold shares of PNC. Baltimore Washington Financial Advisors Inc. raised its stake in The PNC Financial Services Group by 3.1% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider's stock valued at $324,000 after buying an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of The PNC Financial Services Group by 2.4% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider's stock valued at $434,000 after purchasing an additional 53 shares during the period. Transcend Capital Advisors LLC grew its stake in The PNC Financial Services Group by 1.8% in the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider's stock valued at $616,000 after buying an additional 55 shares during the last quarter. Valmark Advisers Inc. raised its holdings in The PNC Financial Services Group by 1.4% in the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider's stock valued at $773,000 after acquiring an additional 56 shares during the period. Finally, Gilbert & Cook Inc. lifted its position in The PNC Financial Services Group by 2.1% during the fourth quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider's stock worth $537,000 after acquiring an additional 58 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PNC shares. Wells Fargo & Company lowered their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Morgan Stanley dropped their target price on The PNC Financial Services Group from $188.00 to $179.00 and set an "underweight" rating for the company in a report on Monday. Truist Financial decreased their price target on shares of The PNC Financial Services Group from $216.00 to $208.00 and set a "hold" rating on the stock in a research note on Friday, April 4th. Citigroup dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, Barclays lifted their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $203.47.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded down $2.66 during midday trading on Friday, reaching $149.50. 950,337 shares of the company were exchanged, compared to its average volume of 1,954,882. The stock's 50-day moving average price is $179.25 and its 200-day moving average price is $190.38. The stock has a market cap of $59.17 billion, a P/E ratio of 10.90, a PEG ratio of 1.55 and a beta of 1.04. 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, Inc. has a one year low of $143.52 and a one year high of $216.26.

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

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 4.28%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.55%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 601 shares of The PNC Financial Services Group stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $160.00, for a total transaction of $96,160.00. Following the transaction, the chief executive officer now owns 563,573 shares in the company, valued at approximately $90,171,680. The trade was a 0.11 % 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 a total of 12,420 shares of company stock worth $2,276,870 in the last ninety days. Company insiders own 0.41% 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.