Rakuten Investment Management Inc. Sells 2,781 Shares of The PNC Financial Services Group, Inc $PNC

Rakuten Investment Management Inc. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,658 shares of the financial services provider’s stock after selling 2,781 shares during the quarter. Rakuten Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $10,950,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares during the last quarter. State Street Corp grew its position in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after buying an additional 77,302 shares during the last quarter. Capital International Investors grew its position in shares of The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after buying an additional 1,101,055 shares during the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its position in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after buying an additional 30,078 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNC. Truist Financial lifted their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Finally, Jefferies Financial Group started coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus target price of $246.72.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 48,300 shares of company stock worth $10,694,574 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Up 1.8%

NYSE PNC opened at $234.71 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a twelve month low of $172.88 and a twelve month high of $243.94. The firm has a market capitalization of $94.25 billion, a PE ratio of 13.64, a P/E/G ratio of 0.96 and a beta of 0.92. The stock’s 50 day moving average is $221.67 and its 200 day moving average is $216.86.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the company posted $3.51 earnings per share. The firm’s revenue was up 13.1% on a year-over-year basis. Research analysts forecast that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

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.