CANADA LIFE ASSURANCE Co Buys 12,064 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

CANADA LIFE ASSURANCE Co increased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 399,661 shares of the financial services provider’s stock after buying an additional 12,064 shares during the period. CANADA LIFE ASSURANCE Co owned 0.10% of The PNC Financial Services Group worth $77,102,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PNC. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $1,352,151,000. Schroder Investment Management Group boosted its stake in The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock worth $265,436,000 after acquiring an additional 860,554 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in The PNC Financial Services Group by 10.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock worth $1,453,763,000 after purchasing an additional 726,115 shares during the period. Bank of New York Mellon Corp increased its stake in shares of The PNC Financial Services Group by 22.5% during the fourth quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock valued at $746,435,000 after purchasing an additional 710,311 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of The PNC Financial Services Group by 5.3% during 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 during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, April 11th. The shares were sold at an average price of $150.63, for a total transaction of $96,553.83. Following the transaction, the chief executive officer now owns 562,932 shares in the company, valued at approximately $84,794,447.16. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 11,819 shares of company stock worth $2,127,508 over the last three months. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PNC. Keefe, Bruyette & Woods cut their price target on The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating on the stock in a research note on Wednesday. Hsbc Global Res upgraded 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 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. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Finally, The Goldman Sachs Group decreased their target price on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $200.88.

The PNC Financial Services Group Trading Up 0.3 %

Shares of PNC stock opened at $152.05 on Friday. The PNC Financial Services Group, Inc. has a 1 year low of $145.12 and a 1 year high of $216.26. The firm has a fifty day moving average price of $174.58 and a 200-day moving average price of $189.29. The company has a market cap of $60.17 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 1.55 and a beta of 1.04. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.04. 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 $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. As a group, equities 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 4.21%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio is currently 45.20%.

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.