Independent Advisor Alliance Buys 1,779 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Independent Advisor Alliance grew its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,734 shares of the financial services provider’s stock after buying an additional 1,779 shares during the quarter. Independent Advisor Alliance’s holdings in The PNC Financial Services Group were worth $3,420,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PNC. Principal Financial Group Inc. grew its holdings in shares of The PNC Financial Services Group by 1.0% during the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock worth $420,621,000 after purchasing an additional 22,271 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of The PNC Financial Services Group during the third quarter valued at $177,000. Versor Investments LP lifted its holdings in shares of The PNC Financial Services Group by 37.5% during the third quarter. Versor Investments LP now owns 3,300 shares of the financial services provider’s stock worth $610,000 after purchasing an additional 900 shares during the period. Nations Financial Group Inc. IA ADV bought a new stake in shares of The PNC Financial Services Group in the third quarter worth $230,000. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of The PNC Financial Services Group in the third quarter worth $268,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $171.02 on Thursday. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The company has a market cap of $67.68 billion, a PE ratio of 12.44, a P/E/G ratio of 1.55 and a beta of 1.13. The stock has a 50-day moving average of $192.95 and a 200-day moving average of $192.74. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter last year, the firm posted $3.16 earnings per share. The company’s revenue for the quarter was up 3.8% 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.74%. The PNC Financial Services Group’s payout ratio is 46.55%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PNC. Stephens reaffirmed an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a report on Friday, January 17th. Piper Sandler lifted their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus target price of $205.00.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $189.29, for a total value of $235,098.18. Following the sale, the chief executive officer now owns 530,039 shares in the company, valued at $100,331,082.31. This represents a 0.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 13,662 shares of company stock valued at $2,643,895. Corporate insiders own 0.42% of the company’s stock.

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.