OLD National Bancorp IN Increases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

OLD National Bancorp IN grew its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,535 shares of the financial services provider’s stock after acquiring an additional 171 shares during the quarter. OLD National Bancorp IN’s holdings in The PNC Financial Services Group were worth $682,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its holdings in The PNC Financial Services Group by 0.6% in the 3rd quarter. State Street Corp now owns 17,299,381 shares of the financial services provider’s stock worth $3,197,791,000 after acquiring an additional 100,573 shares during the last quarter. Franklin Resources Inc. grew its stake in The PNC Financial Services Group by 1.2% in the third quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider’s stock worth $1,939,154,000 after purchasing an additional 123,994 shares during the period. Geode Capital Management LLC increased its stake in shares of The PNC Financial Services Group by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock worth $1,541,155,000 after acquiring an additional 166,138 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of The PNC Financial Services Group by 1.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,950,394 shares of the financial services provider’s stock valued at $545,380,000 after purchasing an additional 42,887 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in The PNC Financial Services Group by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,440,098 shares of the financial services provider’s stock worth $451,052,000 after acquiring an additional 6,438 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on PNC shares. Piper Sandler increased their target price 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. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Compass Point upped their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Stephens reissued an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Finally, Barclays lifted their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Two 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. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $205.00.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $196.17, for a total value of $243,643.14. Following the completion of the transaction, the chief executive officer now directly owns 523,829 shares in the company, valued at approximately $102,759,534.93. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,171 shares of company stock valued at $5,786,210. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $200.63 on Friday. The firm has a market cap of $79.60 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.64 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26. The stock’s 50-day moving average is $200.04 and its two-hundred day moving average is $189.44. 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 (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate 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 company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $3.16 earnings per share. Analysts predict that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.19%. 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.