The Manufacturers Life Insurance Company lessened its holdings in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 4.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 295,606 shares of the financial services provider’s stock after selling 13,242 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in The PNC Financial Services Group were worth $61,513,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group in the 3rd quarter worth approximately $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Financial Life Planners purchased a new stake in The PNC Financial Services Group during the 1st quarter worth approximately $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in The PNC Financial Services Group by 93.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Stock Down 1.2%
PNC stock opened at $248.46 on Thursday. The stock has a market capitalization of $99.77 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.00 and a beta of 0.91. The firm has a 50-day simple moving average of $239.02 and a 200-day simple moving average of $225.62. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49.
The PNC Financial Services Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Citigroup upped their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a research report on Thursday, July 23rd. Finally, 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 report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $265.73.
Insider Transactions at The PNC Financial Services Group
In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction 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 transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were 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 in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last ninety days. Insiders own 0.38% of the company’s stock.
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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