Red Cedar Investment Management LLC Raises Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Red Cedar Investment Management LLC grew its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 103.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,113 shares of the financial services provider’s stock after purchasing an additional 6,170 shares during the period. Red Cedar Investment Management LLC’s holdings in The PNC Financial Services Group were worth $2,336,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. New York State Teachers Retirement System increased its position in shares of The PNC Financial Services Group by 4.5% in the 4th quarter. New York State Teachers Retirement System now owns 335,536 shares of the financial services provider’s stock valued at $64,708,000 after acquiring an additional 14,367 shares during the period. Asset Planning Inc acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $93,000. Banque Pictet & Cie SA acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $526,000. CFC Planning Co LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $2,486,000. Finally, Root Financial Partners LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $346,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Down 0.8 %

Shares of The PNC Financial Services Group stock opened at $193.91 on Friday. The firm has a market capitalization of $76.94 billion, a PE ratio of 14.10, a P/E/G ratio of 1.64 and a beta of 1.16. The PNC Financial Services Group, Inc. has a twelve month low of $139.69 and a twelve month high of $216.26. The firm’s 50-day moving average price is $197.40 and its 200 day moving average price is $190.93. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio 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 earnings per share for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $3.16 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 15.3 EPS 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. Investors of record on Wednesday, January 15th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is presently 46.55%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $205.98, for a total value of $255,827.16. Following the transaction, the chief executive officer now directly owns 535,007 shares of the company’s stock, valued at approximately $110,200,741.86. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 13,662 shares of company stock valued at $2,730,549. 0.42% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of several analyst reports. Citigroup increased their price target on 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. Barclays increased their price target on 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. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Stephens reaffirmed an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, 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 research report on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.