Convergence Investment Partners LLC Purchases 2,849 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Convergence Investment Partners LLC boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 23.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,129 shares of the financial services provider’s stock after purchasing an additional 2,849 shares during the period. Convergence Investment Partners LLC’s holdings in The PNC Financial Services Group were worth $2,918,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Winch Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. grew its holdings in shares of The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 140 shares during the last quarter. Albion Financial Group UT bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at about $30,000. Synergy Asset Management LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at about $32,000. Finally, Valley Wealth Managers Inc. lifted its position in The PNC Financial Services Group by 20,000.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Up 1.2 %

NYSE:PNC opened at $196.20 on Wednesday. The stock has a market cap of $77.85 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 1.56 and a beta of 1.16. 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 moving average price of $196.73 and a two-hundred day moving average price of $191.47. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year 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 net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the company posted $3.16 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced 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 3.26%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Insider Buying and Selling 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, November 29th. The shares were sold at an average price of $216.01, for a total value of $268,284.42. Following the sale, the chief executive officer now directly owns 533,765 shares in the company, valued at $115,298,577.65. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 13,662 shares of company stock valued at $2,730,549 in the last 90 days. 0.42% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PNC shares. Citigroup boosted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Piper Sandler upped their price objective 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. Morgan Stanley lifted their target price 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. Barclays upped their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $205.00.

The PNC Financial Services Group 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.