Principal Financial Group Inc. Has $358.64 Million Holdings in The PNC Financial Services Group, Inc $PNC

Principal Financial Group Inc. decreased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,784,891 shares of the financial services provider’s stock after selling 92,589 shares during the quarter. Principal Financial Group Inc.’s holdings in The PNC Financial Services Group were worth $358,638,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Mutual Advisors LLC lifted its holdings in The PNC Financial Services Group by 36.8% during the 3rd quarter. Mutual Advisors LLC now owns 2,541 shares of the financial services provider’s stock worth $511,000 after buying an additional 683 shares during the period. Transcend Capital Advisors LLC raised its position in shares of The PNC Financial Services Group by 30.3% during the third quarter. Transcend Capital Advisors LLC now owns 5,084 shares of the financial services provider’s stock worth $1,022,000 after acquiring an additional 1,181 shares during the last quarter. Hazlett Burt & Watson Inc. raised its position in shares of The PNC Financial Services Group by 0.5% during the third quarter. Hazlett Burt & Watson Inc. now owns 17,972 shares of the financial services provider’s stock worth $3,609,000 after acquiring an additional 81 shares during the last quarter. Donaldson Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 10.0% in the third quarter. Donaldson Capital Management LLC now owns 7,855 shares of the financial services provider’s stock worth $1,578,000 after acquiring an additional 715 shares during the period. Finally, Independent Advisor Alliance boosted its holdings in The PNC Financial Services Group by 5.4% in the third quarter. Independent Advisor Alliance now owns 26,453 shares of the financial services provider’s stock valued at $5,315,000 after acquiring an additional 1,367 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of recent analyst reports. TD Cowen boosted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Barclays boosted their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Truist Financial lifted their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.00.

Insider Activity

In related news, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $223.33 on Friday. The firm has a market capitalization of $87.58 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.94 and a beta of 0.99. The firm’s 50-day moving average price is $210.42 and its 200-day moving average price is $199.13. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $227.78.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.77 EPS. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is presently 40.99%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.