Fmr LLC Has $2.83 Billion Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Fmr LLC lowered its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,693,684 shares of the financial services provider’s stock after selling 2,012,589 shares during the quarter. Fmr LLC owned 3.70% of The PNC Financial Services Group worth $2,833,677,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in PNC. Mechanics Financial Corp acquired a new position in The PNC Financial Services Group during the 4th quarter valued at $541,000. AssuredPartners Investment Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $739,000. Premier Fund Managers Ltd lifted its stake 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 period. Mirae Asset Global Investments Co. Ltd. grew its position in 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 in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its stake in 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 valued at $5,160,000 after acquiring an additional 8,735 shares during the period. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 525,071 shares of the company’s stock, valued at $103,964,058. This represents a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 12,420 shares of company stock valued at $2,320,739. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Down 5.2 %

Shares of PNC opened at $152.85 on Friday. The business’s fifty day moving average price is $184.93 and its two-hundred day moving average price is $191.73. The firm has a market capitalization of $60.49 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter last year, the business earned $3.16 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 4.19%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNC. Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. Truist Financial lowered 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. JPMorgan Chase & Co. reduced their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday. Citigroup dropped their price target on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, Morgan Stanley lifted their price objective on 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. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $205.18.

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.