5,904 The PNC Financial Services Group, Inc $PNC Shares Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,610 shares of the financial services provider’s stock after acquiring an additional 5,904 shares during the quarter. Rakuten Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $15,872,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in The PNC Financial Services Group during the second quarter worth about $7,921,455,000. State Street Corp grew its stake in The PNC Financial Services Group by 4.3% during the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after buying an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $2,102,631,000. Deutsche Bank AG acquired a new stake in The PNC Financial Services Group during the 2nd quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of The PNC Financial Services Group by 1.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after buying an additional 39,112 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. HSBC upped their target price on shares of The PNC Financial Services Group from $275.00 to $283.00 and gave the company a “buy” rating in a research report on Monday, September 28th. Argus boosted their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and boosted their price objective for the company from $230.00 to $265.00 in a research report on Thursday, July 23rd. Barclays upped their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Truist Financial cut their price objective on shares of The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating on the stock in a research report on Monday, October 19th. Seventeen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $266.04.

Insider Activity

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Up 1.8%

Shares of NYSE PNC opened at $233.43 on Thursday. The stock has a market capitalization of $93.13 billion, a P/E ratio of 12.42, a PEG ratio of 1.19 and a beta of 0.92. The stock’s fifty day moving average is $229.31 and its 200 day moving average is $229.16. The PNC Financial Services Group, Inc has a 52 week low of $177.08 and a 52 week high of $258.96. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter in the previous year, the firm posted $4.35 earnings per share. The company’s revenue was up 10.9% on a year-over-year basis. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be issued a $2.00 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 annualized dividend and a dividend yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio is currently 42.58%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.