Eastern Bank Purchases 12,775 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Eastern Bank lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.1% during the 4th quarter, Holdings Channel reports. The firm owned 261,587 shares of the financial services provider’s stock after acquiring an additional 12,775 shares during the period. The PNC Financial Services Group comprises about 0.9% of Eastern Bank’s holdings, making the stock its 27th biggest holding. Eastern Bank’s holdings in The PNC Financial Services Group were worth $50,447,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its holdings in shares of The PNC Financial Services Group by 45.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock valued at $1,185,000 after buying an additional 2,009 shares in the last quarter. BSN CAPITAL PARTNERS Ltd purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at about $12,548,000. Bleakley Financial Group LLC grew its stake in shares of The PNC Financial Services Group by 9.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock valued at $2,913,000 after acquiring an additional 1,299 shares during the period. Deerfield Management Company L.P. Series C bought a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $822,000. Finally, Aljian Capital Management LLC bought a new position in The PNC Financial Services Group in the 3rd quarter worth approximately $839,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC traded up $3.43 during trading on Monday, reaching $192.45. The stock had a trading volume of 1,015,201 shares, compared to its average volume of 1,902,919. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The business has a fifty day moving average price of $201.47 and a 200-day moving average price of $186.01. The stock has a market cap of $76.36 billion, a PE ratio of 16.27, a PEG ratio of 2.11 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $3.60 earnings per share. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

Insiders Place Their Bets

In other news, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This represents a 48.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares in the company, valued at $8,119,768.41. This represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,030 shares of company stock valued at $5,925,333. Insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Piper Sandler increased their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Citigroup lifted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial started coverage on The PNC Financial Services Group in a research note on Tuesday, January 7th. They set a “hold” rating and a $215.00 price objective for the company. Finally, Evercore ISI upped their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $203.29.

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.