DnB Asset Management AS Purchases 782 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

DnB Asset Management AS grew its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 114,877 shares of the financial services provider’s stock after buying an additional 782 shares during the quarter. DnB Asset Management AS’s holdings in The PNC Financial Services Group were worth $22,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Winch Advisory Services LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter worth about $25,000. Richardson Financial Services Inc. raised its position in shares of The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after buying an additional 140 shares in the last quarter. Albion Financial Group UT bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $30,000. Rialto Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Finally, Synergy Asset Management LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Piper Sandler increased their target price on 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. Barclays boosted their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report 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 report on Wednesday, March 19th. Finally, Citigroup decreased their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus price target of $204.25.

The PNC Financial Services Group Price Performance

PNC stock opened at $171.83 on Friday. The company has a market capitalization of $68.00 billion, a P/E ratio of 12.50, a PEG ratio of 1.55 and a beta of 1.13. The company has a fifty day moving average price of $187.91 and a 200-day moving average price of $192.01. 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 PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping 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 firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the business earned $3.16 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.72%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $192.88, for a total value of $239,556.96. Following the transaction, the chief executive officer now owns 526,313 shares in the company, valued at $101,515,251.44. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 12,420 shares of company stock valued at $2,342,313. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Company Profile

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.