Summit Global Investments Invests $639,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Summit Global Investments purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 3,314 shares of the financial services provider’s stock, valued at approximately $639,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNC. Mirae Asset Global Investments Co. Ltd. increased its stake in The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after purchasing an additional 8,081 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in The PNC Financial Services Group by 48.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock worth $5,160,000 after buying an additional 8,735 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in The PNC Financial Services Group by 2.0% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock worth $30,202,000 after buying an additional 3,100 shares during the period. Root Financial Partners LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $346,000. Finally, Truist Financial Corp increased its position in shares of The PNC Financial Services Group by 1.4% during the fourth quarter. Truist Financial Corp now owns 1,132,634 shares of the financial services provider’s stock worth $218,429,000 after acquiring an additional 15,246 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $171.15, for a total value of $212,568.30. Following the completion of the transaction, the chief executive officer now directly owns 567,299 shares in the company, valued at $97,093,223.85. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 12,420 shares of company stock worth $2,369,165 in the last 90 days. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Down 0.0 %

The PNC Financial Services Group stock opened at $173.35 on Monday. The stock has a 50-day moving average of $190.03 and a two-hundred day moving average of $192.34. 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 PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The stock has a market cap of $68.60 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $3.16 EPS. On average, research 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 company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were paid a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.69%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Stephens reaffirmed an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Barclays upped their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Morgan Stanley upped their price objective on shares of 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. The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Piper Sandler upped 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 report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $203.71.

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.