Woodline Partners LP Purchases Shares of 23,828 The PNC Financial Services Group, Inc. (NYSE:PNC)

Woodline Partners LP bought a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,828 shares of the financial services provider's stock, valued at approximately $4,595,000.

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

Insider Activity

In other news, Director Martin Pfinsgraff bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The shares were purchased at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the transaction, the director now owns 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $178.83, for a total transaction of $222,106.86. Following the sale, the chief executive officer now owns 568,541 shares in the company, valued at approximately $101,672,187.03. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,638 shares of company stock worth $2,983,901 over the last ninety days. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on PNC. Truist Financial reduced their price objective 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. Citigroup reduced their price objective on shares of 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. Keefe, Bruyette & Woods reduced their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company dropped their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $202.67.

The PNC Financial Services Group Stock Performance

NYSE PNC traded up $0.07 during trading hours on Thursday, hitting $174.04. 294,784 shares of the stock were exchanged, compared to its average volume of 2,048,120. The company has a market cap of $68.85 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The PNC Financial Services Group, Inc. has a 12-month low of $145.12 and a 12-month high of $216.26. The stock has a 50-day moving average of $165.15 and a 200 day moving average of $185.14. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.50 billion. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm 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 of this dividend was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.68%. The PNC Financial Services Group's dividend payout ratio is presently 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.