Erste Asset Management GmbH Acquires Shares of 33,232 The PNC Financial Services Group, Inc. (NYSE:PNC)

Erste Asset Management GmbH acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 33,232 shares of the financial services provider’s stock, valued at approximately $6,423,000.

Other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in The PNC Financial Services Group by 25.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock valued at $7,739,000 after purchasing an additional 8,081 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in The PNC Financial Services Group by 48.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock valued at $5,160,000 after purchasing an additional 8,735 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its holdings in The PNC Financial Services Group by 2.0% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock valued at $30,202,000 after purchasing an additional 3,100 shares in the last quarter. Root Financial Partners LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $346,000. Finally, Truist Financial Corp boosted its holdings in The PNC Financial Services Group by 1.4% in the 4th quarter. Truist Financial Corp now owns 1,132,634 shares of the financial services provider’s stock valued at $218,429,000 after purchasing an additional 15,246 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PNC shares. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley lifted 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 research report on Friday, January 17th. Barclays lifted their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Citigroup lifted their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $205.00.

The PNC Financial Services Group Stock Down 1.4 %

Shares of The PNC Financial Services Group stock opened at $168.63 on Friday. The company has a fifty day moving average price of $192.50 and a 200 day moving average price of $192.58. 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 $143.52 and a twelve month high of $216.26. The stock has a market cap of $66.74 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the business posted $3.16 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.80%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, December 27th. The shares were sold at an average price of $193.62, for a total value of $240,476.04. Following the transaction, the chief executive officer now owns 528,797 shares in the company, valued at $102,385,675.14. The trade was a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 12,420 shares of company stock worth $2,391,695 in the last quarter. 0.42% of the stock is owned by corporate insiders.

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.