Asahi Life Asset Management CO. LTD. Takes Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Asahi Life Asset Management CO. LTD. purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,440 shares of the financial services provider’s stock, valued at approximately $429,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Quadrant Capital Group LLC grew its holdings in shares of The PNC Financial Services Group by 0.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider’s stock worth $1,288,000 after purchasing an additional 59 shares in the last quarter. True Wealth Design LLC grew its holdings in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 59 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 65 shares in the last quarter. Sandy Spring Bank boosted its stake in The PNC Financial Services Group by 1.4% in the fourth quarter. Sandy Spring Bank now owns 4,901 shares of the financial services provider’s stock worth $945,000 after buying an additional 67 shares in the last quarter. Finally, KCM Investment Advisors LLC boosted its stake in The PNC Financial Services Group by 3.9% in the fourth quarter. KCM Investment Advisors LLC now owns 1,828 shares of the financial services provider’s stock worth $353,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PNC. The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and upped their target price for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Citigroup decreased their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a report on Monday, March 24th. Truist Financial increased their price objective on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a “hold” rating in a report on Wednesday, July 9th. Finally, Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $209.11.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares of the company’s stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group 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 sale, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,545 shares of company stock valued at $1,590,080 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Down 0.5%

PNC stock opened at $196.98 on Monday. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08. The stock has a market cap of $77.92 billion, a P/E ratio of 13.91, a PEG ratio of 1.66 and a beta of 1.07. The business’s 50-day moving average price is $179.40 and its 200-day moving average price is $180.03.

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

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group’s payout ratio is presently 45.20%.

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.