RiverFront Investment Group LLC Acquires 759 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

RiverFront Investment Group LLC lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 61.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,001 shares of the financial services provider’s stock after buying an additional 759 shares during the period. RiverFront Investment Group LLC’s holdings in The PNC Financial Services Group were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. DnB Asset Management AS grew its stake in shares of The PNC Financial Services Group by 0.7% during the 4th quarter. DnB Asset Management AS now owns 114,877 shares of the financial services provider’s stock valued at $22,154,000 after acquiring an additional 782 shares during the period. Premier Fund Managers Ltd boosted its position in shares of The PNC Financial Services Group by 38.3% in the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock worth $9,511,000 after purchasing an additional 13,700 shares during the period. Orion Portfolio Solutions LLC increased its stake in shares of The PNC Financial Services Group by 4.4% in the fourth quarter. Orion Portfolio Solutions LLC now owns 28,937 shares of the financial services provider’s stock worth $5,581,000 after purchasing an additional 1,219 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of The PNC Financial Services Group by 12.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 240,534 shares of the financial services provider’s stock valued at $46,387,000 after purchasing an additional 25,738 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 120,496 shares of the financial services provider’s stock valued at $23,238,000 after buying an additional 474 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price target on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. 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. Stephens restated an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Compass Point lifted their price objective on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Truist Financial upped their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $204.25.

The PNC Financial Services Group Trading Down 1.8 %

PNC opened at $171.83 on Friday. 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 firm has a market cap of $68.00 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26. The stock has a fifty day moving average price of $187.91 and a 200-day moving average price of $192.10.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data 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 firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.16 EPS. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors 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 yield of 3.72%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $171.15, for a total value of $212,568.30. Following the completion of the sale, the chief executive officer now owns 567,299 shares of the company’s stock, valued at approximately $97,093,223.85. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 12,420 shares of company stock valued at $2,342,313 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

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.