The PNC Financial Services Group, Inc $PNC Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,295 shares of the financial services provider's stock after selling 5,799 shares during the period. Resona Asset Management Co. Ltd.'s holdings in The PNC Financial Services Group were worth $26,434,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Viking Global Investors LP boosted its position in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the period. Wellington Management Group LLP boosted its position in shares of The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after buying an additional 1,162,964 shares during the period. AQR Capital Management LLC boosted its position in shares of The PNC Financial Services Group by 32.6% during the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after buying an additional 1,086,941 shares during the period. Capital International Investors boosted its position in shares of The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after buying an additional 609,755 shares during the period. Finally, PFA Pension Forsikringsaktieselskab acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $123,940,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $213.24 on Wednesday. The PNC Financial Services Group, Inc has a one year low of $169.32 and a one year high of $243.94. The stock has a fifty day moving average of $213.63 and a 200-day moving average of $211.19. The company has a market capitalization of $85.63 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.89 and a beta of 0.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the firm earned $3.51 EPS. The company's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is 39.51%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of the company's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PNC shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, TD Cowen upped their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $243.11.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.