Bank of New York Mellon Corp Has $713.06 Million Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Bank of New York Mellon Corp grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,056,797 shares of the financial services provider's stock after buying an additional 186,249 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.03% of The PNC Financial Services Group worth $713,063,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Rialto Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $35,000. REAP Financial Group LLC grew its stake in shares of The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares during the last quarter. Hoey Investments Inc. bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $39,000. Finally, True Wealth Design LLC grew its stake in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wells Fargo & Company decreased their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Truist Financial decreased their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a report on Wednesday, April 16th. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday. Keefe, Bruyette & Woods reduced their target price on The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group raised their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $206.35.

Insider Activity at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff bought 1,000 shares of the company's stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director owned 2,009 shares in the company, valued at $317,863.98. This represents a 99.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,787 shares of company stock valued at $1,782,794. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Stock Down 0.3%

Shares of NYSE:PNC traded down $0.61 during trading on Friday, hitting $195.10. 1,863,484 shares of the company's stock traded hands, compared to its average volume of 2,113,925. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. The company has a market cap of $77.18 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. The company has a 50-day moving average price of $175.83 and a 200-day moving average price of $179.98.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.49%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 45.20%.

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.