BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 14.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,119 shares of the financial services provider's stock after purchasing an additional 9,708 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in The PNC Financial Services Group were worth $14,680,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mechanics Financial Corp acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $541,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $739,000. Premier Fund Managers Ltd increased its position in shares of The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after purchasing an additional 13,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider's stock worth $7,739,000 after purchasing an additional 8,081 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its holdings in The PNC Financial Services Group by 2.0% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider's stock valued at $30,202,000 after acquiring an additional 3,100 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.6%

Shares of PNC traded down $1.12 during midday trading on Friday, hitting $171.87. The company had a trading volume of 1,641,637 shares, compared to its average volume of 2,054,681. The company's 50-day simple moving average is $165.13 and its 200-day simple moving average is $185.76. 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 firm has a market capitalization of $67.99 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.55 and a beta of 1.06. The PNC Financial Services Group, Inc. has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results 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 PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

Insider Transactions at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff purchased 1,000 shares of the business's stock in a transaction on Friday, April 25th. The shares were bought at an average price of $158.22 per share, with a total value of $158,220.00. Following the completion of the transaction, the director now directly owns 2,009 shares in the company, valued at approximately $317,863.98. This represents a 99.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $190.18, for a total value of $236,203.56. Following the completion of the transaction, the chief executive officer now directly owns 569,783 shares in the company, valued at approximately $108,361,330.94. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,396 shares of company stock valued at $2,773,072. Corporate insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on PNC shares. HSBC upgraded The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Morgan Stanley lowered their target price on The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group lowered their target price on The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Truist Financial lowered their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $202.67.

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.