Aviva PLC Sells 142,679 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Aviva PLC lowered its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 37.3% during the 4th quarter, HoldingsChannel reports. The fund owned 239,480 shares of the financial services provider’s stock after selling 142,679 shares during the period. Aviva PLC’s holdings in The PNC Financial Services Group were worth $46,184,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $1,352,151,000. Schroder Investment Management Group grew its stake in shares of The PNC Financial Services Group by 166.1% in the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock worth $265,436,000 after acquiring an additional 860,554 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock valued at $1,453,763,000 after acquiring an additional 726,115 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of The PNC Financial Services Group by 22.5% in the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after purchasing an additional 710,311 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider’s stock valued at $2,089,622,000 after purchasing an additional 549,278 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and decreased their target price for the stock from $206.00 to $202.00 in a report on Monday, March 31st. Stephens reiterated 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. Morgan Stanley boosted their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Compass Point increased their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Truist Financial decreased their target price on The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating for the company in a research report on Friday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $205.18.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $202.11, for a total transaction of $251,020.62. Following the sale, the chief executive officer now directly owns 522,587 shares of the company’s stock, valued at $105,620,058.57. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 12,420 shares of company stock worth $2,320,739. 0.41% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $152.85 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50-day simple moving average of $184.93 and a two-hundred day simple moving average of $191.73. The firm has a market capitalization 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, Inc. has a 52-week low of $143.52 and a 52-week high of $216.26.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the company posted $3.16 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 4.19%. The PNC Financial Services Group’s payout ratio is 46.55%.

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.