Sava Infond d.o.o. Invests $2.70 Million in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sava Infond d.o.o. bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, Holdings Channel reports. The fund bought 14,020 shares of the financial services provider’s stock, valued at approximately $2,704,000.

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

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $192.15, for a total transaction of $238,650.30. Following the completion of the sale, the chief executive officer now owns 527,555 shares in the company, valued at $101,369,693.25. This represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 13,662 shares of company stock valued at $2,582,789. 0.42% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PNC. The Goldman Sachs Group lowered their price target on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Barclays upped their target price 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. Piper Sandler raised 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 report on Tuesday, December 3rd. Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Two equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $201.65.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $176.88 on Thursday. The business’s 50-day simple moving average is $188.86 and its 200-day simple moving average is $192.20. 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 52 week low of $143.52 and a 52 week high of $216.26. The firm has a market cap of $70.00 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results 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 PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the company posted $3.16 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders 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 3.62%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

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.