UNIVEST FINANCIAL Corp purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 3,272 shares of the financial services provider’s stock, valued at approximately $806,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Truist Financial Corp raised its stake in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares during the period. Vanguard Group Inc. grew its holdings in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC grew its holdings in shares of The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after buying an additional 8,818 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $35,124,000. Finally, Empire Life Investments Inc. lifted its stake in The PNC Financial Services Group by 8.7% in the 4th quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock valued at $45,319,000 after acquiring an additional 17,418 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut 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 note on Thursday, July 23rd. JPMorgan Chase & Co. increased their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Citigroup raised their target price on shares of 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. 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 research note on Thursday, July 16th. Finally, UBS Group boosted their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $265.73.
The PNC Financial Services Group Trading Down 0.9%
Shares of The PNC Financial Services Group stock opened at $254.65 on Tuesday. The business has a fifty day simple moving average of $247.28 and a two-hundred day simple moving average of $228.73. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a market capitalization of $101.59 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates 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 $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter last year, the company earned $3.85 earnings per share. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.1%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is 44.03%.
Insider Activity
In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred 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 transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 51,654 shares of company stock valued at $11,552,661 over the last quarter. 0.38% of the stock is owned by corporate insiders.
About The PNC Financial Services Group
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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