iA Global Asset Management Inc. Sells 9,117 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

iA Global Asset Management Inc. lessened its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 65.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 4,713 shares of the financial services provider’s stock after selling 9,117 shares during the period. iA Global Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $909,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake 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 acquiring an additional 8,081 shares during the period. Fifth Third Wealth Advisors LLC grew its stake 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 acquiring an additional 8,735 shares during the period. Mn Services Vermogensbeheer B.V. grew its stake 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 acquiring an additional 3,100 shares during the period. Root Financial Partners LLC acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $346,000. Finally, Truist Financial Corp grew its stake 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 acquiring an additional 15,246 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $173.35 on Friday. The firm has a market cap of $68.60 billion, a PE ratio of 12.61, a PEG ratio of 1.55 and a beta of 1.13. The stock’s fifty day moving average price is $190.03 and its two-hundred day moving average price is $192.22. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $3.16 earnings per share. On average, equities 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 company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.69%. The PNC Financial Services Group’s payout ratio is presently 46.55%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, December 27th. The stock was sold at an average price of $193.62, for a total transaction of $240,476.04. Following the sale, the chief executive officer now directly owns 528,797 shares in the company, valued at approximately $102,385,675.14. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 12,420 shares of company stock worth $2,369,165 over the last ninety days. 0.42% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of research reports. Barclays raised their price objective 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. Citigroup lifted their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Truist Financial lifted their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Piper Sandler lifted 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 report on Tuesday, December 3rd. Finally, 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 report on Friday, January 17th. Two equities 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 company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $203.71.

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.