Eastern Bank raised its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 261,587 shares of the financial services provider’s stock after acquiring an additional 12,775 shares during the quarter. The PNC Financial Services Group makes up about 0.9% of Eastern Bank’s investment portfolio, making the stock its 27th largest holding. Eastern Bank owned 0.07% of The PNC Financial Services Group worth $50,447,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in PNC. Headlands Technologies LLC acquired a new stake in The PNC Financial Services Group in the second quarter valued at $92,000. DekaBank Deutsche Girozentrale raised its position in shares of The PNC Financial Services Group by 0.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 110,410 shares of the financial services provider’s stock valued at $16,567,000 after purchasing an additional 422 shares during the period. GHP Investment Advisors Inc. raised its position in shares of The PNC Financial Services Group by 3.8% in the second quarter. GHP Investment Advisors Inc. now owns 12,072 shares of the financial services provider’s stock valued at $1,877,000 after purchasing an additional 442 shares during the period. 1ST Source Bank bought a new position in The PNC Financial Services Group during the second quarter worth about $278,000. Finally, Parallel Advisors LLC increased its position in The PNC Financial Services Group by 8.4% during the second quarter. Parallel Advisors LLC now owns 3,594 shares of the financial services provider’s stock worth $559,000 after acquiring an additional 277 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
The PNC Financial Services Group Trading Up 1.8 %
NYSE:PNC traded up $3.43 during mid-day trading on Monday, hitting $192.45. 1,015,201 shares of the company’s stock were exchanged, compared to its average volume of 1,902,919. The company has a 50 day simple moving average of $201.47 and a 200-day simple moving average of $186.01. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26. The firm has a market capitalization of $76.36 billion, a P/E ratio of 16.27, a PEG ratio of 2.11 and a beta of 1.16.
The PNC Financial Services Group Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.33%. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.
Analyst Ratings Changes
A number of equities analysts recently commented on PNC shares. Truist Financial started coverage on shares of The PNC Financial Services Group in a research report on Tuesday, January 7th. They set a “hold” rating and a $215.00 price target on the stock. Compass Point raised their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Citigroup raised their price target on shares of 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. Evercore ISI raised their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays raised their target price on shares of 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $203.29.
View Our Latest Stock Analysis on The PNC Financial Services Group
Insider Activity
In other news, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares in the company, valued at $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at approximately $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,030 shares of company stock worth $5,925,333 in the last quarter. 0.42% of the stock is owned by corporate insiders.
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.
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