Fidelity D & D Bancorp Inc. Boosts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Fidelity D & D Bancorp Inc. boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.4% in the third quarter, Holdings Channel reports. The institutional investor owned 9,708 shares of the financial services provider’s stock after purchasing an additional 138 shares during the period. The PNC Financial Services Group accounts for approximately 1.2% of Fidelity D & D Bancorp Inc.’s portfolio, making the stock its 22nd biggest position. Fidelity D & D Bancorp Inc.’s holdings in The PNC Financial Services Group were worth $1,795,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its stake in shares of The PNC Financial Services Group by 12,940.0% in the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after buying an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in The PNC Financial Services Group by 160.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock worth $129,836,000 after acquiring an additional 433,178 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after acquiring an additional 276,200 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in The PNC Financial Services Group by 88.1% during the 3rd 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 purchasing an additional 274,186 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after purchasing an additional 262,654 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Barclays upped their price target on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Compass Point upped their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday. Piper Sandler lifted their price target on shares of 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. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. Finally, Citigroup raised their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and an average price target of $198.02.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded down $1.37 during mid-day trading on Friday, hitting $200.94. 71,958 shares of the company traded hands, compared to its average volume of 1,859,085. The stock’s fifty day moving average price is $198.46 and its 200-day moving average price is $179.61. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26. The firm has a market cap of $79.73 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 2.13 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the firm posted $3.60 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.19%. The PNC Financial Services Group’s payout ratio is 54.10%.

Insider Activity at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction dated 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 completion of the sale, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $216.01, for a total value of $268,284.42. Following the completion of the transaction, the chief executive officer now directly owns 533,765 shares in the company, valued at approximately $115,298,577.65. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,030 shares of company stock worth $5,873,691. 0.42% of the stock is owned by corporate insiders.

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.