NFJ Investment Group LLC reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 8.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 330,762 shares of the financial services provider's stock after selling 29,667 shares during the period. The PNC Financial Services Group comprises 2.0% of NFJ Investment Group LLC's investment portfolio, making the stock its 6th biggest position. NFJ Investment Group LLC owned approximately 0.08% of The PNC Financial Services Group worth $63,787,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock valued at $7,273,794,000 after buying an additional 268,827 shares in the last quarter. Franklin Resources Inc. increased its holdings in The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after acquiring an additional 549,278 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after acquiring an additional 726,115 shares during the last quarter. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $1,352,151,000. Finally, Bank of New York Mellon Corp grew its position in shares of 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 valued at $746,435,000 after purchasing an additional 710,311 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at The PNC Financial Services Group
In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $202.11, for a total transaction of $251,020.62. Following the sale, the chief executive officer now directly owns 522,587 shares in the company, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 11,819 shares of company stock valued at $2,127,508 over the last three months. 0.41% of the stock is owned by company insiders.
The PNC Financial Services Group Trading Up 0.3 %
Shares of PNC traded up $0.51 during trading hours on Friday, hitting $152.05. The stock had a trading volume of 3,564,375 shares, compared to its average volume of 1,989,650. The PNC Financial Services Group, Inc. has a 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market cap of $60.17 billion, a P/E ratio of 11.06, a P/E/G ratio of 1.55 and a beta of 1.04. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The company's fifty day simple moving average is $173.63 and its 200 day simple moving average is $189.09.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 4.21%. The PNC Financial Services Group's dividend payout ratio (DPR) is 45.20%.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on PNC shares. The Goldman Sachs Group reduced their target price on The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating on the stock in a research note on Wednesday. Morgan Stanley decreased their price objective on The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a research note on Wednesday. Truist Financial dropped their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a research report on Wednesday. Citigroup reduced their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Finally, Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $200.88.
Get Our Latest Analysis on PNC
The PNC Financial Services Group Company Profile
(
Free Report)
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.
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