Avanza Fonder AB Buys 1,572 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Avanza Fonder AB raised its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,878 shares of the financial services provider's stock after purchasing an additional 1,572 shares during the period. Avanza Fonder AB's holdings in The PNC Financial Services Group were worth $5,466,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of PNC. Transcend Capital Advisors LLC boosted its holdings in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider's stock valued at $616,000 after buying an additional 55 shares during the period. Valmark Advisers Inc. lifted its holdings in shares of The PNC Financial Services Group by 1.4% in the fourth quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider's stock valued at $773,000 after purchasing an additional 56 shares in the last quarter. TFB Advisors LLC boosted its position in shares of The PNC Financial Services Group by 3.3% during the fourth quarter. TFB Advisors LLC now owns 1,799 shares of the financial services provider's stock worth $347,000 after buying an additional 58 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of The PNC Financial Services Group by 0.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider's stock worth $1,288,000 after buying an additional 59 shares in the last quarter. Finally, True Wealth Design LLC raised its position in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after buying an additional 59 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.9%

Shares of PNC traded down $1.64 during trading hours on Wednesday, hitting $177.77. The stock had a trading volume of 2,552,853 shares, compared to its average volume of 2,055,650. 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, Inc. has a 1-year low of $145.12 and a 1-year high of $216.26. The firm has a 50 day simple moving average of $165.56 and a 200-day simple moving average of $183.02. The firm has a market capitalization of $70.32 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.04. The firm had revenue of $5.45 billion during 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%. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent research reports. Citigroup reduced 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, March 24th. Keefe, Bruyette & Woods cut their price objective on The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating for the company in a report on Wednesday, April 16th. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their target price for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Royal Bank of Canada dropped their price target on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial decreased their price objective on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $202.67.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 601 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total transaction of $96,160.00. Following the completion of the sale, the chief executive officer now directly owns 563,573 shares of the company's stock, valued at approximately $90,171,680. This trade represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president now owns 20,490 shares in the company, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,154 shares of company stock valued at $2,525,591. Corporate insiders own 0.41% of the company's stock.

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.