iA Global Asset Management Inc. Sells 9,117 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

iA Global Asset Management Inc. trimmed its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 65.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,713 shares of the financial services provider’s stock after selling 9,117 shares during the quarter. iA Global Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $909,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. 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. Fifth Third Wealth Advisors LLC grew its position 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 worth $5,160,000 after buying an additional 8,735 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its position in The PNC Financial Services Group by 2.0% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock worth $30,202,000 after buying an additional 3,100 shares in the last quarter. Root Financial Partners LLC purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $346,000. Finally, Truist Financial Corp grew its position in The PNC Financial Services Group by 1.4% during the fourth quarter. Truist Financial Corp now owns 1,132,634 shares of the financial services provider’s stock worth $218,429,000 after buying an additional 15,246 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. The Goldman Sachs Group reduced their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday. Piper Sandler boosted their target price 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. Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Finally, Compass Point upped their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $203.71.

The PNC Financial Services Group Price Performance

PNC opened at $173.35 on Friday. The stock’s 50 day simple moving average is $190.03 and its 200 day simple moving average is $192.22. 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, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The firm has a market cap of $68.60 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share 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 during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter last year, the business posted $3.16 EPS. The business’s revenue was up 3.8% on a year-over-year basis. As a group, 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 was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.69%. 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%.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $192.15, for a total value of $238,650.30. Following the completion of the transaction, the chief executive officer now owns 527,555 shares in the company, valued at $101,369,693.25. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 12,420 shares of company stock worth $2,369,165. 0.42% of the stock is currently owned by company insiders.

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.