Davis Selected Advisers Acquires 6,549 Shares of The PNC Financial Services Group, Inc $PNC

Davis Selected Advisers increased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 502,357 shares of the financial services provider’s stock after purchasing an additional 6,549 shares during the quarter. Davis Selected Advisers’ holdings in The PNC Financial Services Group were worth $93,649,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $27,000. Saudi Central Bank bought a new stake in The PNC Financial Services Group during the first quarter valued at about $27,000. Concord Wealth Partners grew its stake in The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. FNY Investment Advisers LLC bought a new position in The PNC Financial Services Group in the second quarter worth about $37,000. Finally, WPG Advisers LLC bought a new position in The PNC Financial Services Group in the first quarter worth about $36,000. Institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 2,151 shares of company stock valued at $400,092. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $183.96 on Friday. The business has a fifty day moving average of $192.10 and a 200 day moving average of $187.68. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $72.14 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the prior year, the company earned $3.49 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. As a group, research analysts expect 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of recent analyst reports. Truist Financial raised their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Citigroup upped their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Stephens reissued an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Bank of America upped their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. Finally, Wall Street Zen raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $218.47.

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.