Norges Bank Makes New Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Norges Bank purchased a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,011,411 shares of the financial services provider’s stock, valued at approximately $1,352,151,000. Norges Bank owned 1.77% of The PNC Financial Services Group as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of The PNC Financial Services Group by 25.3% in the fourth 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 shares of 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 worth $5,160,000 after purchasing an additional 8,735 shares during the period. Mn Services Vermogensbeheer B.V. increased its position in shares of The PNC Financial Services Group by 2.0% during 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 during the last quarter. Root Financial Partners LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth $346,000. Finally, Truist Financial Corp boosted its stake in The PNC Financial Services Group by 1.4% during the fourth quarter. Truist Financial Corp now owns 1,132,634 shares of the financial services provider’s stock worth $218,429,000 after buying an additional 15,246 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of several analyst reports. Citigroup decreased their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday. Compass Point boosted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Morgan Stanley increased their target price on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Finally, Stephens reiterated an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $201.65.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $192.15, for a total value of $238,650.30. Following the sale, the chief executive officer now owns 527,555 shares in the company, valued at $101,369,693.25. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 13,662 shares of company stock worth $2,582,789 in the last 90 days. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Down 0.0 %

Shares of NYSE PNC opened at $176.88 on Thursday. The PNC Financial Services Group, Inc. has a 52-week low of $143.52 and a 52-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 company’s 50-day simple moving average is $188.86 and its 200-day simple moving average is $192.20. The firm has a market cap of $70.00 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.16 EPS. Equities 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 company also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were paid a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.62%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 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.