The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Empire Life Investments Inc.

Empire Life Investments Inc. trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 231,205 shares of the financial services provider’s stock after selling 13,490 shares during the quarter. The PNC Financial Services Group accounts for 2.8% of Empire Life Investments Inc.’s portfolio, making the stock its 6th largest position. Empire Life Investments Inc.’s holdings in The PNC Financial Services Group were worth $44,588,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Nations Financial Group Inc. IA ADV grew its holdings in shares of The PNC Financial Services Group by 93.4% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 2,406 shares of the financial services provider’s stock worth $464,000 after purchasing an additional 1,162 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 3.0% during the fourth quarter. Valeo Financial Advisors LLC now owns 6,759 shares of the financial services provider’s stock worth $1,303,000 after purchasing an additional 196 shares during the last quarter. Red Cedar Investment Management LLC grew its holdings in shares of The PNC Financial Services Group by 103.8% during the fourth quarter. Red Cedar Investment Management LLC now owns 12,113 shares of the financial services provider’s stock worth $2,336,000 after purchasing an additional 6,170 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of The PNC Financial Services Group by 4.5% during the fourth quarter. New York State Teachers Retirement System now owns 335,536 shares of the financial services provider’s stock worth $64,708,000 after purchasing an additional 14,367 shares during the last quarter. Finally, Asset Planning Inc bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $93,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a report on Friday, January 17th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Barclays increased their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Piper Sandler increased their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $205.00.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $202.11, for a total transaction of $251,020.62. Following the completion of the transaction, the chief executive officer now owns 522,587 shares of the company’s stock, valued at approximately $105,620,058.57. The trade was a 0.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 13,662 shares of company stock valued at $2,730,549. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $193.91 on Friday. The stock has a market cap of $76.94 billion, a P/E ratio of 14.10, a PEG ratio of 1.64 and a beta of 1.16. The stock has a 50 day simple moving average of $197.40 and a 200 day simple moving average of $190.93. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $3.16 EPS. Research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.3 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 Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.30%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

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.