Associated Banc Corp Purchases New Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Associated Banc Corp acquired a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,158 shares of the financial services provider’s stock, valued at approximately $223,000.

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

The PNC Financial Services Group Trading Up 2.3 %

NYSE PNC opened at $172.80 on Monday. The business has a 50 day simple moving average of $192.04 and a 200 day simple moving average of $192.71. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The stock has a market capitalization of $68.39 billion, a P/E ratio of 12.57, a P/E/G ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations 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 company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.16 EPS. 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.70%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The stock was sold at an average price of $193.62, for a total transaction of $240,476.04. Following the transaction, the chief executive officer now directly owns 528,797 shares of the company’s stock, valued at approximately $102,385,675.14. This represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 12,420 shares of company stock valued at $2,391,695 in the last 90 days. 0.42% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PNC shares. The Goldman Sachs Group increased 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 note on Friday, December 6th. Barclays increased their price target 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. Truist Financial boosted their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Citigroup increased their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Compass Point boosted their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Two 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. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $205.00.

The PNC Financial Services Group 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.