Corient Private Wealth LP bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the second quarter, Holdings Channel reports. The fund bought 361,525 shares of the financial services provider’s stock, valued at approximately $89,014,000.
Several other hedge funds have also recently added to or reduced their stakes in PNC. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $7,921,455,000. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $1,967,080,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Viking Global Investors LP grew its holdings in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $1,054,189,000. Institutional investors and hedge funds own 83.53% of the company’s stock.
Analyst Ratings Changes
PNC has been the subject of several analyst reports. 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 report on Monday, July 20th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target on the stock. in a research note on Thursday, July 23rd. Stephens boosted their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Barclays upped their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada lifted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.
Insider Buying and Selling at The PNC Financial Services Group
In related news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was 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 6,654 shares of company stock valued at $1,627,011 in the last 90 days. 0.38% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Stock Performance
Shares of The PNC Financial Services Group stock opened at $245.04 on Thursday. The stock has a market cap of $97.76 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The business has a fifty day simple moving average of $248.99 and a 200-day simple moving average of $229.52. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.85 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) 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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