Carlson Capital L.P. Makes New $714,000 Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Carlson Capital L.P. bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,700 shares of the financial services provider’s stock, valued at approximately $714,000. The PNC Financial Services Group makes up 0.4% of Carlson Capital L.P.’s holdings, making the stock its 19th largest position.

A number of other large investors have also modified their holdings of PNC. Traynor Capital Management Inc. purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $227,000. Fortitude Family Office LLC raised its stake in shares of The PNC Financial Services Group by 119.2% during the 3rd quarter. Fortitude Family Office LLC now owns 399 shares of the financial services provider’s stock worth $74,000 after buying an additional 217 shares in the last quarter. Integrated Advisors Network LLC raised its stake in shares of The PNC Financial Services Group by 900.1% during the 3rd quarter. Integrated Advisors Network LLC now owns 19,021 shares of the financial services provider’s stock worth $3,516,000 after buying an additional 17,119 shares in the last quarter. Diversify Advisory Services LLC raised its stake in shares of The PNC Financial Services Group by 5.2% during the 3rd quarter. Diversify Advisory Services LLC now owns 2,053 shares of the financial services provider’s stock worth $382,000 after buying an additional 102 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. raised its stake in shares of The PNC Financial Services Group by 51.4% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 421 shares of the financial services provider’s stock worth $78,000 after buying an additional 143 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $209.24, for a total transaction of $259,876.08. Following the sale, the chief executive officer now owns 532,523 shares in the company, valued at $111,425,112.52. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 13,662 shares of company stock worth $2,713,745 over the last quarter. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $186.90 on Thursday. 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 stock has a fifty day moving average of $195.46 and a two-hundred day moving average of $192.17. The company has a market capitalization of $74.16 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.55 and a beta of 1.16. 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 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 (EPS) for the quarter, topping 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 firm earned $3.16 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed 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. This represents a $6.40 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Analyst Upgrades and Downgrades

PNC has been the subject of several research analyst reports. Truist Financial raised their price objective on 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. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Wells Fargo & Company raised their price objective on 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. Morgan Stanley raised their price objective on 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. Finally, Compass Point raised their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $205.00.

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.