12,029 Shares in The PNC Financial Services Group, Inc $PNC Bought by Mystic Asset Management Inc.

Key Points

• Mystic Asset Management bought 12,029 PNC shares during the second quarter, valued at approximately $2.96 million. Institutional investors collectively own 83.53% of the company.
• PNC reported strong quarterly results, with earnings of $4.85 per share and revenue of $6.88 billion, exceeding analyst expectations; revenue increased 21.4% year over year.
• PNC increased its quarterly dividend to $2.00 per share, or $8.00 annually, producing a 3.3% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.73.

Mystic Asset Management Inc. purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 12,029 shares of the financial services provider's stock, valued at approximately $2,962,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $25,000. Quarry LP bought a new stake in The PNC Financial Services Group during the third quarter worth about $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in The PNC Financial Services Group during the second quarter worth about $28,000. Modus Advisors LLC acquired a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $29,000. Finally, Financial Life Planners acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $31,000. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, 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 SEC filing for this sale provides additional information. In the last quarter, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $242.26 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week 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 firm's 50-day simple moving average is $248.17 and its 200 day simple moving average is $229.25. The firm has a market cap of $96.65 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.98 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 EPS. The business's revenue was up 21.4% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. This is a boost 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%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Morgan Stanley boosted their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Argus increased their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. raised their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $265.73.

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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