Mitsubishi UFJ Asset Management Co. Ltd. Has $123.70 Million Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 632,298 shares of the financial services provider’s stock after purchasing an additional 45,125 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in The PNC Financial Services Group were worth $123,696,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Winch Advisory Services LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth $25,000. Richardson Financial Services Inc. lifted its holdings in shares of The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares during the period. Albion Financial Group UT bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $30,000. Synergy Asset Management LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $32,000. Finally, Rialto Wealth Management LLC bought a new stake in The PNC Financial Services Group in the fourth quarter valued at about $32,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $175.10 on Friday. The stock has a market capitalization of $69.30 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.55 and a beta of 1.13. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 1-year low of $143.52 and a 1-year high of $216.26. The business has a 50-day moving average price of $188.44 and a two-hundred day moving average price of $192.09.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the firm posted $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.66%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Citigroup decreased their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a report on Monday. The Goldman Sachs Group cut their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Piper Sandler upped their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays lifted their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Truist Financial upped their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $201.65.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the transaction, the chief executive officer now directly owns 526,313 shares of the company’s stock, valued at $101,515,251.44. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 12,420 shares of company stock worth $2,342,313. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group 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.