Meiji Yasuda Asset Management Co Ltd. Boosts Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,520 shares of the financial services provider’s stock after purchasing an additional 415 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in The PNC Financial Services Group were worth $2,607,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PNC. Mirae Asset Global Investments Co. Ltd. grew its position in The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after acquiring an additional 8,081 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in The PNC Financial Services Group by 48.5% in the fourth 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 during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of The PNC Financial Services Group by 2.0% during the fourth 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 period. Root Financial Partners LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $346,000. Finally, Truist Financial Corp increased its stake in shares of The PNC Financial Services Group by 1.4% in 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. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $172.00, for a total transaction of $213,624.00. Following the sale, the chief executive officer now directly owns 566,057 shares of the company’s stock, valued at approximately $97,361,804. This represents a 0.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 13,662 shares of company stock valued at $2,582,789. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Up 0.2 %

Shares of The PNC Financial Services Group stock opened at $176.84 on Wednesday. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The firm has a market cap of $69.98 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 1.55 and a beta of 1.13. The company has a 50-day moving average of $189.33 and a 200 day moving average of $192.31. 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 announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating 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 business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the firm earned $3.16 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.62%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PNC shares. Morgan Stanley increased 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. Piper Sandler increased their target price on shares of 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. Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a report on Friday, January 17th. Citigroup lowered their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday. Finally, Compass Point lifted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $201.65.

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.