KLP Kapitalforvaltning AS Buys 2,400 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

KLP Kapitalforvaltning AS lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 172,147 shares of the financial services provider's stock after buying an additional 2,400 shares during the period. KLP Kapitalforvaltning AS's holdings in The PNC Financial Services Group were worth $30,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. boosted its stake in shares of The PNC Financial Services Group by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after acquiring an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after acquiring an additional 1,964,157 shares during the period. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth about $1,352,151,000. Northern Trust Corp lifted its position in shares of The PNC Financial Services Group by 14.9% in the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after buying an additional 608,375 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of The PNC Financial Services Group by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock worth $713,063,000 after buying an additional 186,249 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC traded down $0.36 during trading hours on Friday, hitting $195.79. 1,022,616 shares of the stock were exchanged, compared to its average volume of 2,427,928. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80. The company's 50 day moving average is $183.93 and its 200 day moving average is $180.38. The firm has a market capitalization of $77.45 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.47 and a beta of 1.07. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. During the same quarter in the prior year, the company posted $3.39 EPS. The business's revenue was up 4.6% on a year-over-year basis. On average, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared 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 dividend yield of 3.47%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

Analyst Ratings Changes

PNC has been the topic of several recent research reports. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their target price for the company from $206.00 to $202.00 in a research report on Monday, March 31st. The Goldman Sachs Group boosted their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Citigroup boosted their price target on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Bank of America boosted their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Truist Financial upped their target price on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $212.76.

Insider Activity at The PNC Financial Services Group

In other news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, May 12th. The shares were 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 in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,061 shares of company stock worth $1,199,723 over the last 90 days. 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.