Charles Schwab Investment Management Inc. Grows Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Charles Schwab Investment Management Inc. lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,480,024 shares of the financial services provider’s stock after purchasing an additional 39,926 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $478,273,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in shares of The PNC Financial Services Group by 22.5% during the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock valued at $746,435,000 after acquiring an additional 710,311 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in The PNC Financial Services Group by 88.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock valued at $108,217,000 after purchasing an additional 274,186 shares during the period. Toronto Dominion Bank lifted its stake in shares of The PNC Financial Services Group by 129.3% during the third quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider’s stock worth $82,768,000 after purchasing an additional 252,473 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth about $37,587,000. Finally, KBC Group NV grew its stake in shares of The PNC Financial Services Group by 214.4% in the fourth quarter. KBC Group NV now owns 271,588 shares of the financial services provider’s stock valued at $52,375,000 after buying an additional 185,210 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $180.27 on Wednesday. The business has a 50 day simple moving average of $195.06 and a 200-day simple moving average of $192.83. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The company has a market capitalization of $71.34 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. 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 (NYSE:PNC) last announced its quarterly earnings results 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 return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the business posted $3.16 EPS. The business’s revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Analyst Ratings Changes

A number of research firms have weighed in on PNC. Piper Sandler upped their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup lifted their price target 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. The Goldman Sachs Group upped their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Finally, Barclays raised their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $205.00.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $209.24, for a total transaction of $259,876.08. Following the completion of the transaction, the chief executive officer now directly owns 532,523 shares in the company, valued at approximately $111,425,112.52. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 13,662 shares of company stock worth $2,681,664. Insiders own 0.42% of the company’s stock.

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.