Exane Asset Management Acquires Shares of 112,673 The PNC Financial Services Group, Inc. (NYSE:PNC)

Exane Asset Management bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, Holdings Channel.com reports. The fund bought 112,673 shares of the financial services provider’s stock, valued at approximately $22,499,000. The PNC Financial Services Group accounts for 12.5% of Exane Asset Management’s investment portfolio, making the stock its 2nd largest holding.

Other large investors also recently modified their holdings of the company. Lecap Asset Management Ltd. acquired a new position in The PNC Financial Services Group during the 4th quarter valued at about $414,000. Golden State Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $72,000. Beese Fulmer Investment Management Inc. grew its holdings in The PNC Financial Services Group by 4.2% during the fourth quarter. Beese Fulmer Investment Management Inc. now owns 4,466 shares of the financial services provider’s stock worth $861,000 after buying an additional 181 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in The PNC Financial Services Group by 8.8% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,513 shares of the financial services provider’s stock valued at $10,320,000 after buying an additional 4,345 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake in The PNC Financial Services Group by 272.4% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,173 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 858 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PNC has been the subject of several recent analyst reports. Evercore ISI upped their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Stephens reissued an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Piper Sandler upped their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley lifted their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $205.00.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $200.80 on Friday. The firm has a market cap of $79.67 billion, a P/E ratio of 14.60, a price-to-earnings-growth ratio of 1.63 and a beta of 1.16. 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 company’s 50 day moving average is $198.68 and its 200-day moving average is $190.28. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month 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 analysts’ consensus estimates 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 business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the firm posted $3.16 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business 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 of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.19%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $216.01, for a total transaction of $268,284.42. Following the completion of the transaction, the chief executive officer now directly owns 533,765 shares in the company, valued at approximately $115,298,577.65. The trade was a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,413 shares of company stock valued at $6,037,230 in the last quarter. 0.42% of the stock is currently owned by corporate insiders.

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.