Centaurus Financial Inc. purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund purchased 6,928 shares of the financial services provider’s stock, valued at approximately $1,706,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Truist Financial Corp grew 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. Stoneridge Investment Partners LLC lifted its position in shares of 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 acquiring an additional 8,818 shares in the last quarter. AMG National Trust Bank acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth $30,557,000. Eurizon Capital SGR S.p.A. purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at about $35,124,000. Finally, Empire Life Investments Inc. increased its holdings in shares of The PNC Financial Services Group by 8.7% in the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock valued at $45,319,000 after purchasing an additional 17,418 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.
The PNC Financial Services Group Price Performance
Shares of NYSE:PNC opened at $243.33 on Friday. The company has a 50-day simple moving average of $249.21 and a 200-day simple moving average of $229.52. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market capitalization of $97.08 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 0.97 and a beta of 0.91.
The PNC Financial Services Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.
Analyst Upgrades and Downgrades
PNC has been the topic of a number of research analyst reports. Morgan Stanley lifted their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. UBS Group raised their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Stephens lifted their price objective on 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. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Finally, Oppenheimer upped their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.
Insider Transactions at The PNC Financial Services Group
In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred 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 sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. The trade was a 15.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 6,654 shares of company stock worth $1,627,011. Company insiders own 0.38% of the company’s stock.
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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