Westpac Banking Corp purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the second quarter, HoldingsChannel reports. The firm purchased 8,380 shares of the financial services provider’s stock, valued at approximately $2,063,000.
Several other institutional investors have also recently bought and sold shares of PNC. TRB Wealth Management LLC acquired a new position in The PNC Financial Services Group during the 2nd quarter worth $337,000. Sumitomo Life Insurance Co. bought a new stake in shares of The PNC Financial Services Group during the second quarter worth $932,000. Korea Investment CORP bought a new stake in shares of The PNC Financial Services Group during the second quarter worth $39,317,000. EP Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at $4,225,000. Finally, Ieq Capital LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at $51,374,000. Institutional investors own 83.53% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the company. Morgan Stanley boosted their price objective on 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. Oppenheimer lifted their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Argus boosted their price target 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. Robert W. Baird increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. One equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $265.73.
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, 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 this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’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 transaction of $411,714.00. Following the sale, the executive vice president 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last quarter. Corporate insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Stock Up 0.6%
PNC stock opened at $243.05 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The business’s 50 day simple moving average is $248.28 and its 200 day simple moving average is $229.34. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $96.96 billion, a PE ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly 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 business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the firm posted $3.85 EPS. The company’s quarterly revenue was up 21.4% on a year-over-year basis. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is presently 44.03%.
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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