Van ECK Associates Corp Increases Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Van ECK Associates Corp raised its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNCFree Report) by 9.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 67,837 shares of the financial services provider’s stock after purchasing an additional 5,924 shares during the period. Van ECK Associates Corp’s holdings in The PNC Financial Services Group were worth $8,328,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PNC. Capital International Investors grew its holdings in The PNC Financial Services Group by 615.1% during the second quarter. Capital International Investors now owns 8,623,735 shares of the financial services provider’s stock valued at $1,086,142,000 after purchasing an additional 7,417,830 shares during the period. Norges Bank bought a new stake in The PNC Financial Services Group during the fourth quarter valued at about $735,469,000. Moneta Group Investment Advisors LLC grew its holdings in The PNC Financial Services Group by 122,771.6% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock valued at $401,323,000 after purchasing an additional 2,538,916 shares during the period. Morgan Stanley lifted its position in shares of The PNC Financial Services Group by 28.7% in the fourth quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock valued at $740,101,000 after acquiring an additional 1,045,055 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of The PNC Financial Services Group in the second quarter valued at about $118,900,000. Institutional investors own 80.14% of the company’s stock.

Insider Activity

In other news, EVP Guild Deborah sold 1,533 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $132.51, for a total transaction of $203,137.83. Following the transaction, the executive vice president now owns 17,092 shares of the company’s stock, valued at $2,264,860.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of several research analyst reports. Piper Sandler boosted their price objective on The PNC Financial Services Group from $125.00 to $143.00 and gave the company a “neutral” rating in a research report on Friday, December 8th. The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a research report on Tuesday, December 19th. UBS Group boosted their price objective on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Stephens reiterated an “equal weight” rating and issued a $138.00 target price on shares of The PNC Financial Services Group in a research report on Tuesday, December 5th. Finally, Odeon Capital Group upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 target price on the stock in a research report on Thursday, December 14th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $146.59.

View Our Latest Research Report on The PNC Financial Services Group

The PNC Financial Services Group Trading Down 0.1 %

Shares of PNC stock opened at $147.77 on Friday. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $161.77. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.84. The stock’s 50 day simple moving average is $149.87 and its two-hundred day simple moving average is $132.52. The company has a market cap of $58.86 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.72 and a beta of 1.19.

The PNC Financial Services Group (NYSE:PNCGet Free Report) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $1.04. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The business had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the prior year, the business posted $3.49 earnings per share. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc. will post 12.29 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th were paid a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, January 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.20%. The PNC Financial Services Group’s dividend payout ratio is 48.48%.

The PNC Financial Services Group Company Profile

(Free Report)

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 certificates of 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.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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