USA Financial Formulas raised its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 212.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,020 shares of the financial services provider's stock after buying an additional 2,733 shares during the quarter. USA Financial Formulas' holdings in The PNC Financial Services Group were worth $775,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. State Street Corp increased its holdings in The PNC Financial Services Group by 0.6% during the 3rd quarter. State Street Corp now owns 17,299,381 shares of the financial services provider's stock worth $3,197,791,000 after acquiring an additional 100,573 shares during the period. Franklin Resources Inc. grew its position in shares of The PNC Financial Services Group by 1.2% during 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 purchasing an additional 123,994 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 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 in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of The PNC Financial Services Group by 0.4% in the second quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider's stock worth $746,772,000 after purchasing an additional 18,397 shares during the period. Finally, Legal & General Group Plc raised its position in shares of The PNC Financial Services Group by 6.8% in the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider's stock worth $544,335,000 after buying an additional 223,955 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.
The PNC Financial Services Group Trading Down 2.5 %
Shares of NYSE PNC traded down $5.07 during mid-day trading on Thursday, hitting $195.37. The stock had a trading volume of 3,832,532 shares, compared to its average volume of 2,315,463. The firm has a market cap of $77.52 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 1.77 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50 day moving average price of $201.75 and a two-hundred day moving average price of $186.58. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.16 earnings per share. On average, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be given a $1.60 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.28%. The PNC Financial Services Group's dividend payout ratio is currently 54.10%.
Wall Street Analyst Weigh In
Several research firms recently commented on PNC. Stephens boosted their target price on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 16th. Piper Sandler upped their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an "underweight" rating in a research note on Wednesday, October 16th. Finally, Compass Point raised their price objective 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $203.29.
Get Our Latest Stock Analysis on PNC
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the firm's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now owns 915 shares of the company's stock, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $192.88, for a total transaction of $239,556.96. Following the completion of the sale, the chief executive officer now directly owns 526,313 shares in the company, valued at $101,515,251.44. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,272 shares of company stock worth $6,164,890 over the last quarter. 0.42% of the stock is owned by corporate insiders.
The PNC Financial Services Group Company Profile
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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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