NFJ Investment Group LLC lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 3.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 99,946 shares of the financial services provider’s stock after selling 3,041 shares during the period. NFJ Investment Group LLC’s holdings in The PNC Financial Services Group were worth $20,862,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of PNC. US Bancorp DE grew its position 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 buying an additional 34,009 shares in the last quarter. Truist Financial Corp raised its stake in The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after buying an additional 39,589 shares during the last quarter. Vanguard Group Inc. raised its stake in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after buying an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at about $13,711,000. Finally, Stoneridge Investment Partners LLC raised its stake in The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after buying an additional 8,818 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have commented on PNC. Truist Financial increased their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target for the company. Oppenheimer increased their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $243.11.
Insider Activity
In related news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is owned by company insiders.
The PNC Financial Services Group Trading Up 1.5%
Shares of NYSE:PNC opened at $237.51 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $172.73 and a 52-week high of $243.94. The stock has a market cap of $95.37 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.99 and a beta of 0.92. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The business has a 50-day moving average price of $220.85 and a 200-day moving average price of $216.10.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period last year, the business posted $3.51 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. Equities analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 39.51%.
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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