The PNC Financial Services Group, Inc (NYSE:PNC) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,121 shares of the financial services provider’s stock after buying an additional 7,047 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in The PNC Financial Services Group were worth $8,099,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Border to Coast Pensions Partnership Ltd raised its position in The PNC Financial Services Group by 17.6% during the first quarter. Border to Coast Pensions Partnership Ltd now owns 136,739 shares of the financial services provider’s stock worth $24,035,000 after acquiring an additional 20,440 shares during the period. Diversified Trust Co increased its stake in shares of The PNC Financial Services Group by 140.1% during the first quarter. Diversified Trust Co now owns 8,563 shares of the financial services provider’s stock worth $1,505,000 after purchasing an additional 4,997 shares in the last quarter. Beacon Financial Advisory LLC acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $400,000. CNB Bank lifted its stake in The PNC Financial Services Group by 9.8% in the 1st quarter. CNB Bank now owns 4,638 shares of the financial services provider’s stock valued at $815,000 after buying an additional 414 shares in the last quarter. Finally, Perpetual Ltd boosted its holdings in The PNC Financial Services Group by 5.4% in the 1st quarter. Perpetual Ltd now owns 8,545 shares of the financial services provider’s stock worth $1,502,000 after buying an additional 438 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $186.54 on Tuesday. The company’s 50-day moving average is $172.87 and its two-hundred day moving average is $179.93. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $73.79 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 1.56 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. The firm had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. Analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Buying and Selling

In other news, EVP Kieran John Fallon sold 1,492 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average price of $158.22 per share, with a total value of $158,220.00. Following the acquisition, the director directly owned 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 11,428 shares of company stock valued at $1,882,322. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PNC. Truist Financial reduced their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company decreased their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. JPMorgan Chase & Co. dropped their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Finally, Morgan Stanley reduced their target price on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $202.67.

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.