Fisher Asset Management LLC Acquires 3,852 Shares of The PNC Financial Services Group, Inc $PNC

Fisher Asset Management LLC raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 98.6% in the fourth quarter, Holdings Channel reports. The firm owned 7,760 shares of the financial services provider’s stock after purchasing an additional 3,852 shares during the period. Fisher Asset Management LLC’s holdings in The PNC Financial Services Group were worth $1,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group in the 4th quarter valued at $35,000. Cornerstone Planning Group LLC grew its stake in The PNC Financial Services Group by 2,100.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 168 shares during the period. JPL Wealth Management LLC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $37,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $39,000. Institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PNC shares. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Morgan Stanley upped their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Oppenheimer increased their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Royal Bank Of Canada reiterated an “outperform” rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Finally, Truist Financial increased their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus target price of $243.11.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $221.36 on Friday. The stock’s 50-day simple moving average is $216.27 and its 200 day simple moving average is $213.05. The stock has a market capitalization of $88.89 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 0.91 and a beta of 0.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a 52-week low of $170.49 and a 52-week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the prior year, the firm posted $3.51 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. Research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 39.51%.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.