Storgate LLC acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,740 shares of the financial services provider’s stock, valued at approximately $572,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. State Street Corp increased its stake in shares of The PNC Financial Services Group by 0.5% during the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock valued at $3,464,462,000 after acquiring an additional 85,291 shares during the last quarter. Capital International Investors increased its stake in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,967,080,000. Finally, Geode Capital Management LLC increased its stake in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after acquiring an additional 30,078 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.
Wall Street Analyst Weigh In
PNC has been the subject of a number of research analyst reports. Citigroup upped their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Truist Financial boosted their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Finally, Oppenheimer boosted their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $243.11.
The PNC Financial Services Group Stock Up 1.5%
NYSE PNC opened at $237.51 on Friday. The stock has a market cap of $95.38 billion, a PE ratio of 13.80, a P/E/G ratio of 0.97 and a beta of 0.92. The PNC Financial Services Group, Inc has a fifty-two week low of $172.73 and a fifty-two week high of $243.94. The business has a 50 day moving average price of $220.85 and a two-hundred day moving average price of $216.10. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.51 EPS. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is currently 39.51%.
Insider Buying and Selling
In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. 0.38% of the stock is owned by corporate insiders.
The PNC Financial Services Group Company Profile
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.
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