Parallel Advisors LLC Increases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Parallel Advisors LLC grew its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,732 shares of the financial services provider’s stock after acquiring an additional 209 shares during the quarter. Parallel Advisors LLC’s holdings in The PNC Financial Services Group were worth $720,000 as of its most recent SEC filing.

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

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 on Friday, January 31st. The shares were sold at an average price of $202.11, for a total value of $251,020.62. Following the completion of the transaction, the chief executive officer now directly owns 522,587 shares of the company’s stock, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 12,420 shares of company stock valued at $2,369,165. 0.42% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.2 %

The PNC Financial Services Group stock opened at $173.42 on Friday. The stock has a market cap of $68.63 billion, a P/E ratio of 12.61, a PEG ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The firm’s 50 day moving average price is $190.35 and its 200-day moving average price is $192.30.

The PNC Financial Services Group (NYSE:PNC) last posted its 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 PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the firm posted $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts predict 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 was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Compass Point increased 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 increased 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. Truist Financial increased 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. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $203.71.

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.