The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,536 shares of the financial services provider’s stock after buying an additional 421 shares during the period. Arizona State Retirement System’s holdings in The PNC Financial Services Group were worth $22,088,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. Robeco Institutional Asset Management B.V. increased its holdings in shares of The PNC Financial Services Group by 15.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 67,361 shares of the financial services provider’s stock worth $12,452,000 after buying an additional 8,957 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth $71,000. Catalina Capital Group LLC increased its holdings in shares of The PNC Financial Services Group by 7.5% during the 3rd quarter. Catalina Capital Group LLC now owns 1,932 shares of the financial services provider’s stock worth $357,000 after buying an additional 135 shares during the last quarter. Radnor Capital Management LLC acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth $2,555,000. Finally, Umpqua Bank boosted its position in The PNC Financial Services Group by 2.9% during the 3rd quarter. Umpqua Bank now owns 11,111 shares of the financial services provider’s stock worth $2,054,000 after purchasing an additional 309 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on PNC shares. Citigroup upped their price target 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. Piper Sandler upped their price target 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. Truist Financial upped their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Barclays upped 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 report on Monday, January 6th. Finally, Compass Point upped their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report 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 issued a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $205.00.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $203.06, for a total transaction of $252,200.52. Following the sale, the chief executive officer now owns 531,281 shares in the company, valued at $107,881,919.86. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 13,662 shares of company stock worth $2,681,664 over the last quarter. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $180.37 on Thursday. 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 PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The company’s 50-day simple moving average is $194.79 and its 200-day simple moving average is $192.75. The stock has a market capitalization of $71.38 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate 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 last year, the company posted $3.16 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.55%. The PNC Financial Services Group’s payout ratio is 46.55%.

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.