Grantham Mayo Van Otterloo & Co. LLC Increases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 671.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,086 shares of the financial services provider’s stock after purchasing an additional 39,244 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in The PNC Financial Services Group were worth $8,695,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of The PNC Financial Services Group by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock valued at $420,621,000 after acquiring an additional 22,271 shares during the period. Morse Asset Management Inc acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at about $481,000. Quarry LP raised its stake in shares of The PNC Financial Services Group by 43.8% in the third quarter. Quarry LP now owns 417 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 127 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of The PNC Financial Services Group by 45.5% during the third quarter. Quantinno Capital Management LP now owns 23,760 shares of the financial services provider’s stock worth $4,392,000 after purchasing an additional 7,428 shares during the period. Finally, EP Wealth Advisors LLC boosted its position in The PNC Financial Services Group by 37.4% in the third quarter. EP Wealth Advisors LLC now owns 5,119 shares of the financial services provider’s stock valued at $946,000 after buying an additional 1,394 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 522,587 shares in the company, valued at $105,620,058.57. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 12,420 shares of company stock worth $2,320,739 over the last quarter. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on PNC. The Goldman Sachs Group decreased their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Wells Fargo & Company decreased their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their price target for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. Finally, Truist Financial reduced their price target 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 analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $205.18.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $152.85 on Monday. 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 firm has a fifty day moving average of $184.93 and a 200 day moving average of $191.80. The firm has a market cap of $60.49 billion, a PE ratio of 11.12, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter last year, the business earned $3.16 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

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

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.