DNB Asset Management AS Has $16.74 Million Position in The PNC Financial Services Group, Inc $PNC

DNB Asset Management AS boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.8% in the fourth quarter, Holdings Channel reports. The firm owned 80,214 shares of the financial services provider’s stock after purchasing an additional 2,921 shares during the period. DNB Asset Management AS’s holdings in The PNC Financial Services Group were worth $16,743,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI grew its holdings in The PNC Financial Services Group by 7.9% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 12,687 shares of the financial services provider’s stock valued at $2,648,000 after purchasing an additional 929 shares during the period. Thrivent Financial for Lutherans grew its holdings in The PNC Financial Services Group by 80.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 45,717 shares of the financial services provider’s stock valued at $9,554,000 after purchasing an additional 20,347 shares during the period. Cornerstone Wealth Management LLC boosted its holdings in shares of The PNC Financial Services Group by 49.0% in the fourth quarter. Cornerstone Wealth Management LLC now owns 2,875 shares of the financial services provider’s stock valued at $600,000 after buying an additional 945 shares during the period. Johnson & White Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $205,000. Finally, Flavin Financial Services Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock valued at $2,847,000 after buying an additional 48 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $213.17 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $169.32 and a 12 month high of $243.94. The firm has a fifty day simple moving average of $213.47 and a 200 day simple moving average of $210.57. The stock has a market capitalization of $85.60 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 0.88 and a beta of 0.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the prior year, the company posted $3.51 earnings per share. The firm’s revenue was up 13.1% on a year-over-year basis. Research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 64,186 shares of company stock worth $14,840,973. Company insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Truist Financial upped their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $243.11.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.