The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Choate Investment Advisors

Choate Investment Advisors raised its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,846 shares of the financial services provider’s stock after purchasing an additional 207 shares during the period. Choate Investment Advisors’ holdings in The PNC Financial Services Group were worth $1,706,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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. boosted its holdings in The PNC Financial Services Group by 2,333.3% during 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 in the last quarter. Albion Financial Group UT bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $30,000. Synergy Asset Management LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Finally, Rialto Wealth Management LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 2.3 %

The PNC Financial Services Group stock opened at $172.80 on Monday. The company has a market capitalization of $68.39 billion, a P/E ratio of 12.57, a P/E/G ratio of 1.55 and a beta of 1.13. The firm’s fifty day simple moving average is $192.04 and its 200-day simple moving average is $192.71. 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, Inc. has a 1-year low of $143.52 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released 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 business had revenue of $5.57 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.16 EPS. Sell-side analysts forecast 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 company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.70%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PNC shares. Truist Financial raised their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Barclays raised their price objective on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Compass Point raised their price objective 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. Citigroup raised their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus 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 PNC Financial Services Group stock in a transaction on Friday, March 7th. The shares were sold at an average price of $178.83, for a total value of $222,106.86. Following the transaction, the chief executive officer now owns 568,541 shares in the company, valued at $101,672,187.03. This trade represents a 0.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 12,420 shares of company stock worth $2,391,695 in the last quarter. 0.42% of the stock is currently owned by company insiders.

About The PNC Financial Services Group

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.