Envestnet Asset Management Inc. Increases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Envestnet Asset Management Inc. increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,651,217 shares of the financial services provider’s stock after purchasing an additional 12,150 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.42% of The PNC Financial Services Group worth $318,437,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mechanics Financial Corp purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at about $541,000. AssuredPartners Investment Advisors LLC purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $739,000. Premier Fund Managers Ltd boosted its stake in The PNC Financial Services Group by 38.3% in the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock valued at $9,511,000 after acquiring an additional 13,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 acquiring an additional 8,081 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its holdings 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 worth $5,160,000 after purchasing an additional 8,735 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $152.85 on Friday. The firm’s fifty day moving average is $184.93 and its two-hundred day moving average is $191.73. The firm has a market cap of $60.49 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results 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 PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the company earned $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $198.00, for a total value of $245,916.00. Following the completion of the transaction, the chief executive officer now owns 525,071 shares in the company, valued at approximately $103,964,058. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 12,420 shares of company stock valued at $2,320,739. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PNC shares. Truist Financial decreased their price objective on The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating for the company in a report on Friday. 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 report on Monday, March 24th. The Goldman Sachs Group cut their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Compass Point lifted their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $205.18.

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.