Brandes Investment Partners LP increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 797,827 shares of the financial services provider’s stock after purchasing an additional 13,675 shares during the period. The PNC Financial Services Group makes up 1.3% of Brandes Investment Partners LP’s portfolio, making the stock its 26th largest holding. Brandes Investment Partners LP’s holdings in The PNC Financial Services Group were worth $166,533,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. US Bancorp DE boosted its stake in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after purchasing an additional 34,009 shares during the period. Truist Financial Corp boosted its stake in shares of The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after purchasing an additional 39,589 shares during the period. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the period. Teamwork Financial Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $13,711,000. Finally, Candriam S.C.A. boosted its stake in shares of The PNC Financial Services Group by 8.0% during the 3rd quarter. Candriam S.C.A. now owns 178,811 shares of the financial services provider’s stock worth $35,928,000 after purchasing an additional 13,321 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Price Performance
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.51 EPS. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 39.51%.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on PNC shares. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research report on Thursday, April 16th. Oppenheimer boosted their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Bank of America boosted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.11.
View Our Latest Analysis on The PNC Financial Services Group
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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