The PNC Financial Services Group, Inc. (NYSE:PNC) has seen significant changes in its institutional ownership during the fourth quarter. The Manufacturers Life Insurance Company reduced its holdings by 14.1%, selling 56,018 shares and retaining 340,464 shares valued at $65,658,000. Conversely, several major investors increased their stakes: Norges Bank initiated a new position worth approximately $1,352,151,000, Schroder Investment Management Group boosted its stake by 166.1% to 1,378,675 shares worth $265,436,000, Massachusetts Financial Services Co. increased its position by 10.7% to 7,538,310 shares valued at $1,453,763,000, Bank of New York Mellon Corp raised its holdings by 22.5% to 3,870,548 shares worth $746,435,000, and Franklin Resources Inc. increased its stake by 5.3% to 10,835,480 shares valued at $2,089,622,000. Overall, institutional investors now own 83.53% of the company’s stock.
The company’s stock performance has been notable, with shares opening at $160.61 on Wednesday. The PNC Financial Services Group has a market capitalization of $63.56 billion and a price-to-earnings ratio of 11.68. The stock has fluctuated between a 1-year low of $145.12 and a 1-year high of $216.26.
In recent earnings results, The PNC Financial Services Group reported $3.51 earnings per share, surpassing analysts’ consensus estimates of $3.47. The company declared a quarterly dividend of $1.60, representing an annualized dividend of $6.40 and a yield of 3.98%.
Insider transactions have also been significant, with Director Martin Pfinsgraff acquiring 1,000 shares at $158.22 per share, and CEO William S. Demchak selling 1,242 shares at $202.11. Insiders have sold a total of 13,662 shares worth $2,370,382 over the last three months, with insiders currently owning 0.41% of the stock.
Analyst ratings for The PNC Financial Services Group are varied, with two sell ratings, seven hold ratings, nine buy ratings, and one strong buy rating. The consensus rating is ‘Hold’ with a target price of $200.88.
