New York Life Investment Management LLC Grows Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

New York Life Investment Management LLC boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 59,002 shares of the financial services provider’s stock after acquiring an additional 190 shares during the quarter. New York Life Investment Management LLC’s holdings in The PNC Financial Services Group were worth $11,379,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Diversify Advisory Services LLC boosted its stake in The PNC Financial Services Group by 5.2% during the 3rd quarter. Diversify Advisory Services LLC now owns 2,053 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 102 shares during the period. Farmers & Merchants Investments Inc. increased its stake in The PNC Financial Services Group by 51.4% in the third quarter. Farmers & Merchants Investments Inc. now owns 421 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 143 shares during the period. Valmark Advisers Inc. raised its holdings in shares of The PNC Financial Services Group by 10.8% in the third quarter. Valmark Advisers Inc. now owns 3,954 shares of the financial services provider’s stock valued at $731,000 after buying an additional 385 shares during the last quarter. First Trust Direct Indexing L.P. boosted its stake in shares of The PNC Financial Services Group by 16.5% during the third quarter. First Trust Direct Indexing L.P. now owns 14,355 shares of the financial services provider’s stock worth $2,654,000 after buying an additional 2,031 shares during the period. Finally, JFS Wealth Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 242.6% during the third quarter. JFS Wealth Advisors LLC now owns 10,341 shares of the financial services provider’s stock worth $1,912,000 after buying an additional 7,323 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PNC shares. Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Piper Sandler increased their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Barclays boosted their price target 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. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $205.00.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $188.46 on Friday. The stock has a fifty day moving average price of $195.43 and a 200 day moving average price of $192.15. 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 stock has a market cap of $74.78 billion, a PE ratio of 13.71, a P/E/G ratio of 1.55 and a beta of 1.16. 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 quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $5.51 billion. During the same period last year, the company posted $3.16 EPS. The company’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts forecast 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 company also recently disclosed 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. This represents a $6.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $209.24, for a total value of $259,876.08. Following the completion of the sale, the chief executive officer now directly owns 532,523 shares in the company, valued at approximately $111,425,112.52. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 12,420 shares of company stock valued at $2,445,461 in the last quarter. 0.42% of the stock is currently owned by company 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.