CANADA LIFE ASSURANCE Co Buys 12,064 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

CANADA LIFE ASSURANCE Co increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 399,661 shares of the financial services provider’s stock after purchasing an additional 12,064 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in The PNC Financial Services Group were worth $77,102,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNC. Canada Pension Plan Investment Board increased its holdings in shares of The PNC Financial Services Group by 8.3% in the fourth quarter. Canada Pension Plan Investment Board now owns 490,328 shares of the financial services provider’s stock worth $94,560,000 after purchasing an additional 37,449 shares during the last quarter. Marshall Wace LLP purchased a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $2,945,000. NewEdge Advisors LLC increased its stake in The PNC Financial Services Group by 9.0% in the 4th quarter. NewEdge Advisors LLC now owns 30,522 shares of the financial services provider’s stock worth $5,886,000 after acquiring an additional 2,519 shares during the last quarter. Master S Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $399,000. Finally, Gamco Investors INC. ET AL boosted its position in shares of The PNC Financial Services Group by 6.6% during the 4th quarter. Gamco Investors INC. ET AL now owns 159,935 shares of the financial services provider’s stock valued at $30,843,000 after acquiring an additional 9,910 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 31st. The stock was sold at an average price of $202.11, for a total value of $251,020.62. Following the transaction, the chief executive officer now directly owns 522,587 shares in the company, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 11,819 shares of company stock valued at $2,127,508 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $152.05 on Friday. The stock has a market capitalization of $60.17 billion, a price-to-earnings ratio of 11.06, a P/E/G ratio of 1.55 and a beta of 1.04. 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 twelve month low of $145.12 and a twelve month high of $216.26. The stock has a fifty day simple moving average of $174.58 and a two-hundred day simple moving average of $189.29.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. On average, analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PNC shares. Keefe, Bruyette & Woods reduced their price target on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating on the stock in a research report on Wednesday. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Truist Financial decreased their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a report on Wednesday. Morgan Stanley dropped their price objective on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $200.88.

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.