Resona Asset Management Co. Ltd. Makes New $23.62 Million Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Resona Asset Management Co. Ltd. bought a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 122,438 shares of the financial services provider’s stock, valued at approximately $23,620,000.

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

The PNC Financial Services Group Stock Down 5.2 %

PNC opened at $152.85 on Friday. 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 business’s fifty day simple moving average is $184.93 and its 200 day simple moving average is $191.73. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The stock has a market cap of $60.49 billion, a PE ratio of 11.12, a P/E/G ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $3.16 EPS. As a group, research analysts expect 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 firm also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is presently 46.55%.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $198.00, for a total value of $245,916.00. Following the completion of the sale, the chief executive officer now owns 525,071 shares of the company’s stock, valued at approximately $103,964,058. The trade was a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 12,420 shares of company stock valued at $2,320,739 over the last three months. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent research reports. Compass Point lifted their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial lowered their target price on shares of The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating on the stock in a report on Friday. Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. Barclays boosted their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. cut their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a research note on Thursday. Two analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $205.18.

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.