NorthRock Partners LLC Invests $576,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

NorthRock Partners LLC acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,987 shares of the financial services provider’s stock, valued at approximately $576,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of The PNC Financial Services Group by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock valued at $7,273,794,000 after acquiring an additional 268,827 shares during the last quarter. Franklin Resources Inc. raised its stake in The PNC Financial Services Group by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider’s stock valued at $2,089,622,000 after purchasing an additional 549,278 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock valued at $1,453,763,000 after purchasing an additional 726,115 shares during the last quarter. Norges Bank purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $1,352,151,000. Finally, Northern Trust Corp increased its holdings in shares of The PNC Financial Services Group by 14.9% in the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider’s stock worth $905,530,000 after buying an additional 608,375 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PNC shares. Citigroup dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a report on Monday, March 24th. Morgan Stanley dropped their price target on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Truist Financial dropped their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a research report on Wednesday, April 16th. Finally, Barclays reduced their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.67.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $179.64 on Friday. 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 company has a 50-day moving average price of $164.67 and a 200-day moving average price of $186.29. The company has a market cap of $71.06 billion, a price-to-earnings ratio of 13.06, 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 PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS 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. Investors of record on Wednesday, April 16th were paid a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.56%. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president now owns 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $150.50, for a total transaction of $96,470.50. Following the completion of the sale, the chief executive officer now owns 562,291 shares of the company’s stock, valued at $84,624,795.50. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,396 shares of company stock valued at $2,789,603. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Company 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.