Sumitomo Mitsui DS Asset Management Company Ltd Buys 4,345 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 53,513 shares of the financial services provider’s stock after acquiring an additional 4,345 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in The PNC Financial Services Group were worth $10,320,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PNC. Winch Advisory Services LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $25,000. Richardson Financial Services Inc. lifted its stake in shares of The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after buying an additional 140 shares during the last quarter. Albion Financial Group UT bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $30,000. Synergy Asset Management LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $32,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the 4th quarter worth $37,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.8 %

Shares of PNC opened at $200.80 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26. The stock has a market cap of $79.67 billion, a price-to-earnings ratio of 14.60, a P/E/G ratio of 1.63 and a beta of 1.16. The company has a 50-day moving average price of $198.68 and a two-hundred day moving average price of $190.28. 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 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the firm earned $3.16 EPS. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts predict that The PNC Financial Services Group, Inc. will post 15.26 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $208.12, for a total value of $258,485.04. Following the completion of the transaction, the chief executive officer now directly owns 536,249 shares in the company, valued at $111,604,141.88. The trade was a 0.23 % decrease in their ownership of the stock. 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 ninety days. Insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of several research analyst reports. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Piper Sandler raised 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. Truist Financial upped their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Finally, Compass Point upped 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 research note on Tuesday, December 10th. 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’s stock. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and an average target price of $205.00.

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.