Canopy Partners LLC Acquires 3,025 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Canopy Partners LLC grew its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 42.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,212 shares of the financial services provider’s stock after purchasing an additional 3,025 shares during the period. Canopy Partners LLC’s holdings in The PNC Financial Services Group were worth $1,969,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mechanics Financial Corp acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $541,000. AssuredPartners Investment Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $739,000. Premier Fund Managers Ltd raised its position in shares of The PNC Financial Services Group by 38.3% during the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock worth $9,511,000 after purchasing an additional 13,700 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock valued at $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 in the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Down 5.2 %

Shares of NYSE:PNC opened at $152.85 on Monday. The company has a market capitalization of $60.49 billion, a PE ratio of 11.12, a P/E/G ratio of 1.55 and a beta of 1.04. The business’s fifty day simple moving average is $184.93 and its 200-day simple moving average is $191.80. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. 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 (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research 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 company also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend is Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio is presently 46.55%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley upped 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 report on Friday, January 17th. The Goldman Sachs Group dropped their target price on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Truist Financial cut their price target on shares of The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating on the stock in a report on Friday. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and decreased their target price for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $205.18.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $198.00, for a total value of $245,916.00. Following the completion of the transaction, the chief executive officer now directly owns 525,071 shares in the company, valued at approximately $103,964,058. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 12,420 shares of company stock worth $2,320,739. Corporate insiders own 0.41% of the company’s stock.

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.