MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Takes Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 50,956 shares of the financial services provider’s stock, valued at approximately $7,891,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. State Street Corp raised its position in The PNC Financial Services Group by 1.0% in the 2nd quarter. State Street Corp now owns 17,127,040 shares of the financial services provider’s stock worth $2,157,151,000 after purchasing an additional 170,387 shares during the period. FMR LLC raised its position in The PNC Financial Services Group by 6.7% in the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after purchasing an additional 893,808 shares during the period. T. Rowe Price Investment Management Inc. raised its position in The PNC Financial Services Group by 7.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after purchasing an additional 860,489 shares during the period. Geode Capital Management LLC raised its position in The PNC Financial Services Group by 2.4% in the 1st quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after purchasing an additional 171,876 shares during the period. Finally, Invesco Ltd. raised its position in The PNC Financial Services Group by 10.4% in the 3rd quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock worth $634,024,000 after purchasing an additional 484,475 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PNC shares. The Goldman Sachs Group raised their price target on shares of The PNC Financial Services Group from $128.00 to $147.00 and gave the stock a “neutral” rating in a report on Tuesday, December 19th. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group lifted their target price on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Stephens reaffirmed an “equal weight” rating and set a $138.00 target price on shares of The PNC Financial Services Group in a research note on Tuesday, December 5th. Finally, Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the company a “neutral” rating in a research note on Friday, December 8th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $152.87.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Up 1.0 %

Shares of NYSE PNC traded up $1.63 during midday trading on Friday, hitting $161.60. The stock had a trading volume of 1,725,504 shares, compared to its average volume of 2,433,371. The business’s 50 day moving average is $150.26 and its 200-day moving average is $138.41. The company has a market cap of $64.29 billion, a P/E ratio of 12.63, a PEG ratio of 1.84 and a beta of 1.17. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $1.04. The firm had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.30 billion. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The business’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.49 earnings per share. As a group, analysts predict that The PNC Financial Services Group, Inc. will post 12.41 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th were paid a $1.55 dividend. The ex-dividend date was Friday, January 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.84%. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.

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.