National Bank of Canada FI Increases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

National Bank of Canada FI lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 36.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 338,028 shares of the financial services provider’s stock after acquiring an additional 91,193 shares during the quarter. National Bank of Canada FI’s holdings in The PNC Financial Services Group were worth $65,189,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. grew its position in The PNC Financial Services Group by 1.0% during the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock valued at $420,621,000 after buying an additional 22,271 shares during the period. Kestra Investment Management LLC bought a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at approximately $231,000. Benjamin Edwards Inc. increased its stake in shares of The PNC Financial Services Group by 956.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 19,043 shares of the financial services provider’s stock worth $3,522,000 after purchasing an additional 17,240 shares during the last quarter. Ascent Group LLC raised its holdings in shares of The PNC Financial Services Group by 5.4% in the 3rd quarter. Ascent Group LLC now owns 8,003 shares of the financial services provider’s stock worth $1,479,000 after purchasing an additional 409 shares during the period. Finally, Hilltop Holdings Inc. lifted its stake in The PNC Financial Services Group by 63.6% in the third quarter. Hilltop Holdings Inc. now owns 5,904 shares of the financial services provider’s stock valued at $1,091,000 after purchasing an additional 2,295 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Stephens restated 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. Compass Point upped their price target 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, December 10th. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday. HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their target price for the stock from $206.00 to $202.00 in a research report on Monday. Finally, Piper Sandler boosted their price objective 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 research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $204.12.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $192.15, for a total value of $238,650.30. Following the completion of the transaction, the chief executive officer now owns 527,555 shares in the company, valued at $101,369,693.25. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 13,662 shares of company stock valued at $2,559,389. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

PNC stock opened at $174.58 on Wednesday. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The firm has a market cap of $69.09 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.55 and a beta of 1.13. The business’s fifty day simple moving average is $186.98 and its two-hundred day simple moving average is $192.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.16 earnings per share. Analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share 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. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.67%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 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.