Lido Advisors LLC raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 3,211.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 513,633 shares of the financial services provider’s stock after acquiring an additional 498,123 shares during the quarter. Lido Advisors LLC owned approximately 0.13% of The PNC Financial Services Group worth $106,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of PNC. Norges Bank purchased a new position in The PNC Financial Services Group during the fourth quarter valued at $1,967,080,000. Viking Global Investors LP increased its position in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC increased its position in The PNC Financial Services Group by 961.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock worth $549,023,000 after buying an additional 2,382,552 shares in the last quarter. Deutsche Bank AG raised its stake in shares of The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after buying an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after buying an additional 1,162,964 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Stock Performance
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the company earned $3.85 EPS. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.14 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group’s payout ratio is presently 44.03%.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Royal Bank Of Canada boosted their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Argus raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Stephens lifted their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Finally, Citigroup increased their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $265.50.
Read Our Latest Stock Report on PNC
The PNC Financial Services Group 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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