The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Acquired by Picton Mahoney Asset Management

Picton Mahoney Asset Management lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4,410.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,182 shares of the financial services provider’s stock after purchasing an additional 40,269 shares during the period. Picton Mahoney Asset Management’s holdings in The PNC Financial Services Group were worth $7,942,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp increased its stake in shares of The PNC Financial Services Group by 0.6% in the third quarter. State Street Corp now owns 17,299,381 shares of the financial services provider’s stock worth $3,197,791,000 after buying an additional 100,573 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of The PNC Financial Services Group by 1.2% in the third quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider’s stock worth $1,939,154,000 after buying an additional 123,994 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of The PNC Financial Services Group by 2.0% in the third quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock worth $1,541,155,000 after buying an additional 166,138 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of The PNC Financial Services Group by 22.5% in the fourth quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock worth $746,435,000 after buying an additional 710,311 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of The PNC Financial Services Group by 1.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,950,394 shares of the financial services provider’s stock worth $545,380,000 after buying an additional 42,887 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $193.62, for a total value of $240,476.04. Following the completion of the sale, the chief executive officer now directly owns 528,797 shares of the company’s stock, valued at approximately $102,385,675.14. This represents a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 12,420 shares of company stock valued at $2,391,695 over the last 90 days. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

PNC stock opened at $172.80 on Friday. The company has a market capitalization of $68.39 billion, a P/E ratio of 12.57, a PEG ratio of 1.55 and a beta of 1.13. The company has a 50-day simple moving average of $192.04 and a 200 day simple moving average of $192.54. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two 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) last posted its quarterly earnings data 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 the consensus estimate of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.16 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is currently 46.55%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Stephens reiterated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Truist Financial boosted their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $205.00.

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.