Rossby Financial LCC Acquires New Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Rossby Financial LCC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,917 shares of the financial services provider's stock, valued at approximately $337,000.

Several other large investors have also modified their holdings of PNC. Vanguard Group Inc. increased its position in The PNC Financial Services Group by 0.7% in the 4th 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 period. Franklin Resources Inc. grew 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 grew 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 acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $1,352,151,000. Finally, Northern Trust Corp raised its stake in shares of The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $179.14, for a total transaction of $222,491.88. Following the sale, the chief executive officer owned 556,121 shares in the company, valued at approximately $99,623,515.94. This represents a 0.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's 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 transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,787 shares of company stock worth $1,782,794 in the last ninety days. Insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PNC. TD Cowen initiated coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective on the stock. Truist Financial lowered their target price on shares of 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. Morgan Stanley cut their price target on shares of 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 raised their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Citigroup dropped their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $206.35.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock traded down $0.61 during trading hours on Friday, hitting $195.10. The stock had a trading volume of 1,863,484 shares, compared to its average volume of 2,109,370. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The stock has a market capitalization of $77.18 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.66 and a beta of 1.07. The stock's fifty day moving average is $175.83 and its two-hundred day moving average is $180.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81.

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, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The firm had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. 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 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.49%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 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.