Harvest Fund Management Co. Ltd Purchases 1,499 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Harvest Fund Management Co. Ltd increased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 161.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,425 shares of the financial services provider’s stock after buying an additional 1,499 shares during the period. Harvest Fund Management Co. Ltd’s holdings in The PNC Financial Services Group were worth $468,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in The PNC Financial Services Group by 1.0% in 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 period. Thrivent Financial for Lutherans grew its holdings in The PNC Financial Services Group by 12.7% in the third quarter. Thrivent Financial for Lutherans now owns 37,096 shares of the financial services provider’s stock worth $6,857,000 after purchasing an additional 4,186 shares during the period. Citizens Financial Group Inc. RI grew its holdings in The PNC Financial Services Group by 1.1% in the third quarter. Citizens Financial Group Inc. RI now owns 16,354 shares of the financial services provider’s stock worth $3,023,000 after purchasing an additional 185 shares during the period. LPL Financial LLC grew its holdings in The PNC Financial Services Group by 5.2% in the third quarter. LPL Financial LLC now owns 628,897 shares of the financial services provider’s stock worth $116,252,000 after purchasing an additional 31,318 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in The PNC Financial Services Group by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,440,098 shares of the financial services provider’s stock worth $451,052,000 after purchasing an additional 6,438 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Barclays lifted their price objective on shares of 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. Piper Sandler lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Stephens reissued an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $203.71.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $192.15, for a total transaction of $238,650.30. Following the completion of the transaction, the chief executive officer now owns 527,555 shares of the company’s stock, valued at approximately $101,369,693.25. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 12,420 shares of company stock valued at $2,369,165. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $173.35 on Friday. The company’s 50 day moving average is $190.03 and its 200-day moving average is $192.22. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market cap of $68.60 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

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 (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the firm posted $3.16 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side 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 Dividend Announcement

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. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.69%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

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.