Mirae Asset Global Investments Co. Ltd. Raises Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Mirae Asset Global Investments Co. Ltd. lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,121 shares of the financial services provider's stock after purchasing an additional 7,047 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in The PNC Financial Services Group were worth $8,099,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Border to Coast Pensions Partnership Ltd raised its holdings in shares of The PNC Financial Services Group by 17.6% in the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 136,739 shares of the financial services provider's stock valued at $24,035,000 after acquiring an additional 20,440 shares in the last quarter. Diversified Trust Co increased its holdings in shares of The PNC Financial Services Group by 140.1% in the 1st quarter. Diversified Trust Co now owns 8,563 shares of the financial services provider's stock worth $1,505,000 after buying an additional 4,997 shares during the last quarter. Beacon Financial Advisory LLC purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at $400,000. CNB Bank lifted its holdings in shares of The PNC Financial Services Group by 9.8% during the 1st quarter. CNB Bank now owns 4,638 shares of the financial services provider's stock worth $815,000 after acquiring an additional 414 shares during the last quarter. Finally, Perpetual Ltd grew its position in The PNC Financial Services Group by 5.4% in the first quarter. Perpetual Ltd now owns 8,545 shares of the financial services provider's stock worth $1,502,000 after acquiring an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wells Fargo & Company dropped their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Truist Financial reduced their price target on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price objective on shares of 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. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and reduced their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Finally, Royal Bank Of Canada cut their price target on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" 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 issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $202.67.

Insider Buying and Selling

In other news, EVP Kieran John Fallon sold 1,492 shares of the 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 directly owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Martin Pfinsgraff acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, April 25th. The shares were purchased at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the transaction, the director directly owned 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 11,428 shares of company stock worth $1,882,322 in the last 90 days. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Up 1.1%

Shares of PNC traded up $2.04 on Wednesday, reaching $194.56. The stock had a trading volume of 569,444 shares, compared to its average volume of 2,094,141. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. 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 capitalization of $76.96 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.57 and a beta of 1.07. The company has a 50-day simple moving average of $173.63 and a 200-day simple moving average of $180.02.

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 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. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.29%. The PNC Financial Services Group's dividend payout ratio is currently 45.20%.

The PNC Financial Services Group Company 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.