Geode Capital Management LLC Acquires 166,138 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Geode Capital Management LLC increased its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,367,424 shares of the financial services provider’s stock after buying an additional 166,138 shares during the period. Geode Capital Management LLC’s holdings in The PNC Financial Services Group were worth $1,541,155,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC raised its position in shares of The PNC Financial Services Group by 12,940.0% in the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after acquiring an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in The PNC Financial Services Group by 160.9% in the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after purchasing an additional 433,178 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in The PNC Financial Services Group by 152.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock worth $71,163,000 after purchasing an additional 276,200 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of The PNC Financial Services Group by 88.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock valued at $108,217,000 after buying an additional 274,186 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after buying an additional 262,654 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $209.24, for a total value of $259,876.08. Following the completion of the transaction, the chief executive officer now owns 532,523 shares in the company, valued at approximately $111,425,112.52. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now owns 38,649 shares in the company, valued at $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,030 shares of company stock worth $5,873,691 over the last three months. Company insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of several recent analyst reports. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 16th. Compass Point boosted their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Piper Sandler increased their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $198.02.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $204.46 on Wednesday. The firm has a 50 day simple moving average of $197.02 and a 200-day simple moving average of $178.93. The stock has a market cap of $81.13 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. 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) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $3.60 earnings per share. On average, analysts expect that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 54.10%.

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.