The PNC Financial Services Group, Inc. (NYSE:PNC) Position Lowered by AIA Group Ltd

AIA Group Ltd reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,530 shares of the financial services provider’s stock after selling 507 shares during the quarter. AIA Group Ltd’s holdings in The PNC Financial Services Group were worth $681,000 at the end of the most recent quarter.

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

The PNC Financial Services Group Trading Up 2.3 %

Shares of PNC stock opened at $175.87 on Tuesday. The stock has a 50-day simple moving average of $187.46 and a 200 day simple moving average of $192.20. The stock has a market capitalization of $69.60 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.

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, topping 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 company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the company posted $3.16 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is presently 46.55%.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $171.15, for a total value of $212,568.30. Following the completion of the transaction, the chief executive officer now owns 567,299 shares in the company, valued at $97,093,223.85. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 12,420 shares of company stock worth $2,342,313 in the last three months. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent research reports. HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their target price for the stock from $206.00 to $202.00 in a report on Monday. Wells Fargo & Company reduced their price objective on 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. Piper Sandler increased their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Finally, Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $204.12.

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.