Kentucky Retirement Systems Insurance Trust Fund Increases Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 60.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,843 shares of the financial services provider’s stock after acquiring an additional 7,074 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in The PNC Financial Services Group were worth $3,634,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNC. Exchange Traded Concepts LLC purchased a new position in The PNC Financial Services Group during the third quarter valued at approximately $70,000. Creative Planning raised its position in The PNC Financial Services Group by 8.7% during the third quarter. Creative Planning now owns 75,927 shares of the financial services provider’s stock valued at $14,035,000 after acquiring an additional 6,055 shares in the last quarter. Blue Trust Inc. raised its position in The PNC Financial Services Group by 20.1% during the third quarter. Blue Trust Inc. now owns 4,308 shares of the financial services provider’s stock valued at $796,000 after acquiring an additional 722 shares in the last quarter. Commonwealth Equity Services LLC raised its position in The PNC Financial Services Group by 1.9% during the third quarter. Commonwealth Equity Services LLC now owns 190,657 shares of the financial services provider’s stock valued at $35,243,000 after acquiring an additional 3,621 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC raised its position in The PNC Financial Services Group by 8.6% during the third quarter. Cyndeo Wealth Partners LLC now owns 1,578 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 125 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 31st. The stock was sold at an average price of $202.11, for a total value of $251,020.62. Following the sale, the chief executive officer now owns 522,587 shares in the company, valued at $105,620,058.57. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 13,662 shares of company stock worth $2,730,549 over the last quarter. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $193.91 on Tuesday. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26. The company has a market cap of $76.94 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.64 and a beta of 1.16. 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 business’s 50 day moving average price is $197.11 and its 200 day moving average price is $191.16.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping 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 the consensus estimate of $5.51 billion. During the same quarter last year, the business posted $3.16 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts predict that The PNC Financial Services Group, Inc. will post 15.3 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.30%. The PNC Financial Services Group’s payout ratio is 46.55%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Citigroup lifted their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. 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 report on Friday, January 17th. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Barclays raised their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Piper Sandler raised their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus 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.