New York State Common Retirement Fund Has $125.10 Million Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

New York State Common Retirement Fund trimmed its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 648,690 shares of the financial services provider’s stock after selling 51,702 shares during the period. New York State Common Retirement Fund’s holdings in The PNC Financial Services Group were worth $125,100,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. International Assets Investment Management LLC increased its position in The PNC Financial Services Group by 12,940.0% in the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after buying an additional 532,871 shares during the period. Assenagon Asset Management S.A. boosted its stake in The PNC Financial Services Group by 160.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after buying an additional 433,178 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in The PNC Financial Services Group by 88.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock valued at $108,217,000 after buying an additional 274,186 shares in the last quarter. Toronto Dominion Bank boosted its stake in The PNC Financial Services Group by 129.3% in the 3rd quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider’s stock valued at $82,768,000 after buying an additional 252,473 shares in the last quarter. Finally, Eastern Bank boosted its stake in The PNC Financial Services Group by 1,884.1% in the third quarter. Eastern Bank now owns 248,812 shares of the financial services provider’s stock worth $45,993,000 after purchasing an additional 236,272 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Up 1.2 %

NYSE PNC opened at $196.20 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a 50-day simple moving average of $196.73 and a 200 day simple moving average of $191.47. The company has a market capitalization of $77.85 billion, a PE ratio of 14.27, a P/E/G ratio of 1.56 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26.

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 during 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 business’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $3.16 earnings per share. Research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.26%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $189.29, for a total transaction of $235,098.18. Following the completion of the transaction, the chief executive officer now directly owns 530,039 shares in the company, valued at approximately $100,331,082.31. The trade was a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 13,662 shares of company stock worth $2,730,549. 0.42% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Truist Financial boosted their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Morgan Stanley upped their price target on 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. The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Compass Point upped their price target on 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. Finally, Piper Sandler upped their price target 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 equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $205.00.

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.