Generali Asset Management SPA SGR Acquires New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Generali Asset Management SPA SGR acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 31,510 shares of the financial services provider’s stock, valued at approximately $6,077,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its position in The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock valued at $7,739,000 after purchasing an additional 8,081 shares during the period. Fifth Third Wealth Advisors LLC increased its holdings in The PNC Financial Services Group by 48.5% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock valued at $5,160,000 after buying an additional 8,735 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its holdings in The PNC Financial Services Group by 2.0% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock valued at $30,202,000 after buying an additional 3,100 shares in the last quarter. Root Financial Partners LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $346,000. Finally, Truist Financial Corp increased its holdings in The PNC Financial Services Group by 1.4% in the fourth quarter. Truist Financial Corp now owns 1,132,634 shares of the financial services provider’s stock valued at $218,429,000 after buying an additional 15,246 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.5 %

Shares of PNC opened at $173.20 on Wednesday. The firm has a market cap of $68.54 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company’s fifty day moving average is $191.18 and its two-hundred day moving average is $192.56. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. 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 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 company had revenue of $5.57 billion for 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 for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $3.16 EPS. Analysts forecast 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 business 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. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.70%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Analysts Set New Price Targets

PNC has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Compass Point increased their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Truist Financial increased their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a report on Friday, January 17th. Barclays raised their price objective on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Piper Sandler raised their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $205.00.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, December 20th. The shares were sold at an average price of $189.29, for a total transaction of $235,098.18. Following the transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 13,662 shares of company stock worth $2,604,263 in the last quarter. 0.42% of the stock is owned by insiders.

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.