Franklin Resources Inc. Has $2.09 Billion Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Franklin Resources Inc. lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.3% during the fourth quarter, Holdings Channel reports. The fund owned 10,835,480 shares of the financial services provider’s stock after buying an additional 549,278 shares during the quarter. Franklin Resources Inc.’s holdings in The PNC Financial Services Group were worth $2,089,622,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $1,352,151,000. Schroder Investment Management Group increased its holdings in shares of The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock valued at $265,436,000 after acquiring an additional 860,554 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of The PNC Financial Services Group by 22.5% during the fourth quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after purchasing an additional 710,311 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of 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 worth $108,217,000 after purchasing an additional 274,186 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in The PNC Financial Services Group by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock valued at $7,273,794,000 after purchasing an additional 268,827 shares during the period. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PNC. Piper Sandler boosted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Compass Point raised their price objective 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. Barclays upped their target price 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. Truist Financial lifted their target price 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. Finally, Wells Fargo & Company dropped their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $204.25.

The PNC Financial Services Group Stock Down 1.8 %

Shares of NYSE:PNC opened at $171.83 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a fifty day moving average of $187.91 and a 200 day moving average of $192.21. The PNC Financial Services Group, Inc. has a 52-week low of $143.52 and a 52-week high of $216.26. The firm has a market capitalization of $68.00 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

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, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.72%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is presently 46.55%.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $172.00, for a total transaction of $213,624.00. Following the completion of the sale, the chief executive officer now directly owns 566,057 shares in the company, valued at $97,361,804. This represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 12,420 shares of company stock worth $2,342,313 in the last ninety days. 0.41% of the stock is owned by insiders.

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.