Cairn Investment Group Inc. Invests $206,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cairn Investment Group Inc. bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, Holdings Channel.com reports. The fund bought 1,070 shares of the financial services provider’s stock, valued at approximately $206,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. OLD National Bancorp IN increased its position in shares of The PNC Financial Services Group by 5.1% during the fourth quarter. OLD National Bancorp IN now owns 3,535 shares of the financial services provider’s stock worth $682,000 after purchasing an additional 171 shares in the last quarter. DMC Group LLC increased its position in shares of The PNC Financial Services Group by 12.7% during the fourth quarter. DMC Group LLC now owns 3,398 shares of the financial services provider’s stock worth $655,000 after purchasing an additional 382 shares in the last quarter. Synergy Asset Management LLC acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $32,000. Gries Financial LLC increased its position in shares of The PNC Financial Services Group by 1.7% during the fourth quarter. Gries Financial LLC now owns 12,674 shares of the financial services provider’s stock worth $2,444,000 after purchasing an additional 214 shares in the last quarter. Finally, Foster & Motley Inc. increased its position in shares of The PNC Financial Services Group by 50.8% during the fourth quarter. Foster & Motley Inc. now owns 2,489 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 838 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $189.50, for a total value of $235,359.00. Following the completion of the sale, the chief executive officer now directly owns 543,523 shares in the company, valued at approximately $102,997,608.50. The trade was a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,413 shares of company stock valued at $6,021,569 in the last quarter. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $202.29 on Thursday. The business’s 50 day simple moving average is $200.14 and its 200-day simple moving average is $189.26. The firm has a market capitalization of $80.26 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.59 and a beta of 1.16. 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, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.16 EPS. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Analysts Set New Price Targets

A number of analysts have recently commented on PNC shares. Compass Point lifted their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods boosted their price target on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Citigroup boosted their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Truist Financial boosted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group boosted their price target on 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. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $205.00.

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.