Freestone Grove Partners LP Acquires Shares of 357,839 The PNC Financial Services Group, Inc. (NYSE:PNC)

Freestone Grove Partners LP purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 357,839 shares of the financial services provider's stock, valued at approximately $69,009,000. The PNC Financial Services Group makes up 0.8% of Freestone Grove Partners LP's portfolio, making the stock its 19th biggest holding. Freestone Grove Partners LP owned about 0.09% of The PNC Financial Services Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of PNC. Vanguard Group Inc. raised its position in shares of The PNC Financial Services Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock worth $7,273,794,000 after purchasing an additional 268,827 shares during the period. Franklin Resources Inc. raised its holdings in The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after buying an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in The PNC Financial Services Group by 10.7% during the fourth 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 buying an additional 726,115 shares in the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $1,352,151,000. Finally, Northern Trust Corp increased its position in shares of The PNC Financial Services Group by 14.9% in the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after acquiring an additional 608,375 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on PNC shares. Citigroup reduced their price target on shares of 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, March 24th. Wells Fargo & Company decreased their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Barclays lowered their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada reduced their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Finally, Truist Financial lowered their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $200.88.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC traded up $4.55 during mid-day trading on Friday, hitting $165.54. The company had a trading volume of 1,764,781 shares, compared to its average volume of 2,009,884. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The firm has a market cap of $65.51 billion, a P/E ratio of 12.04, a PEG ratio of 1.55 and a beta of 1.06. The business's 50-day simple moving average is $166.95 and its 200-day simple moving average is $187.35. 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 - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. As a group, analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders 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 dividend yield of 3.87%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group's payout ratio is 45.20%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 601 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $160.00, for a total value of $96,160.00. Following the sale, the chief executive officer now owns 559,847 shares in the company, valued at approximately $89,575,520. The trade was a 0.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Martin Pfinsgraff bought 1,000 shares of the company's stock in a transaction that occurred on Friday, April 25th. The shares were purchased at an average price of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director now directly owns 2,009 shares in the company, valued at $317,863.98. This represents a 99.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 12,420 shares of company stock valued at $2,119,361. Company insiders own 0.41% of the company's stock.

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.