208,652 Shares in The PNC Financial Services Group, Inc $PNC Bought by Ieq Capital LLC

Key Points

• Ieq Capital LLC acquired 208,652 PNC shares worth approximately $51.4 million in the second quarter, while institutional investors collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share and revenue of $6.88 billion, exceeding analyst expectations; revenue rose 21.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73, and PNC raised its quarterly dividend to $2.00, implying a 3.3% yield.

Ieq Capital LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 208,652 shares of the financial services provider's stock, valued at approximately $51,374,000. Ieq Capital LLC owned approximately 0.05% of The PNC Financial Services Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Truist Financial Corp increased its stake in 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 valued at $259,344,000 after purchasing an additional 39,589 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC grew its holdings in shares of The PNC Financial Services Group by 59.1% during 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. Eurizon Capital SGR S.p.A. purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $35,124,000. Finally, Empire Life Investments Inc. increased its position in shares of The PNC Financial Services Group by 8.7% during 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 acquiring an additional 17,418 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the 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 transaction, the director owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last three months. 0.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNC. Stephens boosted their price objective on shares of 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. JPMorgan Chase & Co. increased their target price on 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. 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 note on Monday, June 29th. Truist Financial upped their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Trading Up 0.6%

Shares of PNC stock opened at $243.05 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm's 50 day moving average is $248.28 and its 200 day moving average is $229.34. The stock has a market capitalization of $96.96 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm's revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.85 EPS. Research analysts expect 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio 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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