The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Mystic Asset Management Inc.

Mystic Asset Management Inc. lifted its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 152.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 12,334 shares of the financial services provider’s stock after purchasing an additional 7,439 shares during the period. Mystic Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $2,379,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Winch Advisory Services LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $25,000. Richardson Financial Services Inc. grew its position in The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares during the period. Albion Financial Group UT purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $30,000. Rialto Wealth Management LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Finally, Synergy Asset Management LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $32,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 0.6 %

The PNC Financial Services Group stock opened at $174.07 on Tuesday. The PNC Financial Services Group, Inc. has a 1-year low of $143.52 and a 1-year high of $216.26. 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 stock has a market cap of $68.89 billion, a PE ratio of 12.66, a P/E/G ratio of 1.55 and a beta of 1.13. The stock’s fifty day moving average is $191.61 and its two-hundred day moving average is $192.65.

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 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 company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same period last year, the firm earned $3.16 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $171.15, for a total transaction of $212,568.30. Following the sale, the chief executive officer now owns 567,299 shares in the company, valued at approximately $97,093,223.85. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 13,662 shares of company stock worth $2,604,263. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Piper Sandler raised their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Truist Financial raised their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. The Goldman Sachs Group raised their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Citigroup raised their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. 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 stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $205.00.

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.