The PNC Financial Services Group, Inc $PNC Shares Acquired by Voya Investment Management LLC

Voya Investment Management LLC increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 906,176 shares of the financial services provider’s stock after purchasing an additional 134,079 shares during the quarter. Voya Investment Management LLC’s holdings in The PNC Financial Services Group were worth $181,723,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Vanguard Group Inc. raised its position in The PNC Financial Services Group by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock worth $7,174,760,000 after buying an additional 521,455 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after buying an additional 93,346 shares in the last quarter. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $1,477,836,000. Invesco Ltd. boosted its stake in shares of The PNC Financial Services Group by 0.5% in the second quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after buying an additional 26,798 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of The PNC Financial Services Group by 0.5% in the first quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after buying an additional 24,588 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of the stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. Truist Financial increased their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday. Evercore ISI raised their price objective on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Finally, Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $211.00 to $220.00 in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $219.11.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $209.54 on Friday. The firm has a market capitalization of $82.17 billion, a PE ratio of 13.54, a P/E/G ratio of 1.18 and a beta of 1.01. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $213.03. The firm’s 50-day simple moving average is $189.72 and its 200 day simple moving average is $192.08. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter in the previous year, the business posted $3.49 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is currently 43.93%.

About The PNC Financial Services Group

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.