The Manufacturers Life Insurance Company Cuts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

The Manufacturers Life Insurance Company lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 14.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 340,464 shares of the financial services provider's stock after selling 56,018 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of The PNC Financial Services Group worth $65,658,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PNC. Mechanics Financial Corp acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $541,000. AssuredPartners Investment Advisors LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $739,000. Premier Fund Managers Ltd raised its holdings in shares of The PNC Financial Services Group by 38.3% in the fourth 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of The PNC Financial Services Group by 25.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider's stock worth $7,739,000 after buying an additional 8,081 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 48.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider's stock worth $5,160,000 after buying an additional 8,735 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the subject of a number of recent research reports. Royal Bank of Canada decreased their price objective on 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. Truist Financial decreased their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a report on Wednesday, April 16th. Stephens reissued an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. The Goldman Sachs Group reduced their target price on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their price target for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Hold" and an average target price of $200.88.

Insider Activity at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff acquired 1,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the completion of the purchase, the director now owns 2,009 shares of the company's stock, valued at approximately $317,863.98. This represents a 99.11 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $190.18, for a total transaction of $236,203.56. Following the completion of the sale, the chief executive officer now directly owns 569,783 shares of the company's stock, valued at $108,361,330.94. The trade was 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 12,420 shares of company stock valued at $2,119,361 over the last quarter. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Price Performance

NYSE PNC traded up $1.65 during mid-day trading on Monday, hitting $167.19. The stock had a trading volume of 696,990 shares, compared to its average volume of 2,004,782. The company has a 50 day simple moving average of $166.95 and a 200 day simple moving average of $187.34. The company has a market cap of $66.17 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.55 and a beta of 1.06. The PNC Financial Services Group, Inc. has a 52-week low of $145.12 and a 52-week high of $216.26. 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 announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

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.