Rockefeller Capital Management L.P. boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,226 shares of the financial services provider's stock after purchasing an additional 4,770 shares during the period. Rockefeller Capital Management L.P.'s holdings in The PNC Financial Services Group were worth $27,416,000 at the end of the most recent quarter.
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Several other hedge funds have also made changes to their positions in PNC. Vanguard Group Inc. lifted its holdings in The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock valued at $7,273,794,000 after acquiring an additional 268,827 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of The PNC Financial Services Group by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after purchasing an additional 549,278 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of The PNC Financial Services Group by 10.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock valued at $1,453,763,000 after purchasing an additional 726,115 shares during the last quarter. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $1,352,151,000. Finally, Bank of New York Mellon Corp raised its holdings in The PNC Financial Services Group by 22.5% in 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 buying an additional 710,311 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.
Insiders Place Their Bets
In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $196.17, for a total transaction of $243,643.14. Following the completion of the sale, the chief executive officer now directly owns 523,829 shares in the company, valued at approximately $102,759,534.93. This trade represents a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 12,420 shares of company stock worth $2,276,870. 0.41% of the stock is owned by corporate insiders.
Analyst Ratings Changes
- ASML’s Earnings Could Bring The Stock to New Highs
A number of brokerages have recently weighed in on PNC. Citigroup dropped their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Stephens reiterated an "equal weight" rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Morgan Stanley lowered their price objective on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an "underweight" rating for the company in a research note on Monday, April 7th. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and cut their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, Truist Financial decreased their price target on shares of The PNC Financial Services Group from $216.00 to $208.00 and set a "hold" rating for the company in a research report on Friday, April 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $203.47.
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The PNC Financial Services Group Trading Down 0.4 %
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NYSE PNC opened at $151.57 on Monday. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The firm has a market cap of $59.98 billion, a PE ratio of 11.02, a P/E/G ratio of 1.55 and a beta of 1.04. The firm's fifty day moving average is $178.30 and its two-hundred day moving average is $190.22. 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 - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $3.16 earnings per share. 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 Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio is presently 46.55%.
The PNC Financial Services Group Profile
(Free Report)
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.
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