abrdn plc Buys 73,770 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

abrdn plc increased its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 17.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 504,572 shares of the financial services provider's stock after buying an additional 73,770 shares during the period. abrdn plc owned 0.13% of The PNC Financial Services Group worth $78,133,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rockline Wealth Management LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $1,825,000. KPP Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group in the third quarter valued at approximately $323,000. AQR Capital Management LLC boosted its position in shares of The PNC Financial Services Group by 144.2% in the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider's stock valued at $14,032,000 after acquiring an additional 67,490 shares during the period. Trust Point Inc. bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $459,000. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $295,000. Institutional investors own 83.53% of the company's stock.

Insider Activity

In other news, EVP Michael J. Hannon sold 3,000 shares of the firm's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now directly owns 36,570 shares in the company, valued at $5,442,347.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.42% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $152.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday. Jefferies Financial Group reduced their price objective on The PNC Financial Services Group from $171.00 to $162.00 and set a "hold" rating for the company in a research report on Wednesday. The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a "neutral" rating in a research report on Monday, April 1st. StockNews.com raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Thursday. Finally, HSBC raised The PNC Financial Services Group from a "reduce" rating to a "hold" rating and raised their target price for the stock from $141.00 to $155.00 in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $156.63.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock traded up $4.41 during mid-day trading on Friday, hitting $152.30. 2,370,097 shares of the company were exchanged, compared to its average volume of 1,588,026. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The business has a fifty day moving average of $151.89 and a 200 day moving average of $142.26. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The company has a market capitalization of $60.59 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.72 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the company posted $3.98 earnings per share. The business's revenue for the quarter was down 8.2% compared to the same quarter last year. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.07%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 52.06%.

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.