The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Empire Life Investments Inc.

Empire Life Investments Inc. reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 5.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 231,205 shares of the financial services provider's stock after selling 13,490 shares during the quarter. The PNC Financial Services Group makes up about 2.8% of Empire Life Investments Inc.'s holdings, making the stock its 6th largest position. Empire Life Investments Inc. owned about 0.06% of The PNC Financial Services Group worth $44,588,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp grew its position in The PNC Financial Services Group by 0.6% during the third quarter. State Street Corp now owns 17,299,381 shares of the financial services provider's stock worth $3,197,791,000 after buying an additional 100,573 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of The PNC Financial Services Group by 1.2% in the 3rd quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider's stock valued at $1,939,154,000 after acquiring an additional 123,994 shares during the last quarter. Geode Capital Management LLC increased its holdings in The PNC Financial Services Group by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider's stock valued at $1,541,155,000 after purchasing an additional 166,138 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in The PNC Financial Services Group by 1.5% during 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 purchasing an additional 42,887 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of The PNC Financial Services Group by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,440,098 shares of the financial services provider's stock worth $451,052,000 after acquiring an additional 6,438 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $216.01, for a total transaction of $268,284.42. Following the sale, the chief executive officer now owns 533,765 shares of the company's stock, valued at approximately $115,298,577.65. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 13,662 shares of company stock valued at $2,730,549. Corporate insiders own 0.42% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Morgan Stanley raised their price target on 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. Piper Sandler raised their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. Citigroup raised their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Barclays raised their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $205.00.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $2.33 during trading on Wednesday, reaching $194.19. The company's stock had a trading volume of 1,615,624 shares, compared to its average volume of 2,210,520. 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 firm has a market cap of $77.05 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 1.56 and a beta of 1.16. The PNC Financial Services Group, Inc. has a twelve month low of $139.69 and a twelve month high of $216.26. The business's fifty day moving average price is $196.73 and its 200-day moving average price is $191.47.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period in the previous year, the business posted $3.16 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year. As a group, analysts anticipate 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 business also recently disclosed 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 3.30%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group's dividend payout ratio is currently 46.55%.

The PNC Financial Services Group 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.