25,011 The PNC Financial Services Group, Inc $PNC Shares Purchased by AIA Group Ltd

Key Points

• AIA Group sharply increased its PNC stake, adding 25,011 shares in the third quarter—a 2,655.1% increase—to hold 25,953 shares valued at approximately $5.8 million.
• Analysts give PNC a consensus “Moderate Buy” rating, with an average price target of $266.04; 17 rate it Buy and eight rate it Hold.
• PNC reported quarterly EPS of $5.09, beating estimates of $4.91, while revenue reached $6.60 billion. The company declared a quarterly dividend of $2 per share, equivalent to an annualized yield of about 3.4%.

AIA Group Ltd increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2,655.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,953 shares of the financial services provider's stock after acquiring an additional 25,011 shares during the quarter. AIA Group Ltd's holdings in The PNC Financial Services Group were worth $5,768,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Third View Private Wealth LLC grew its stake in shares of The PNC Financial Services Group by 0.6% during the third quarter. Third View Private Wealth LLC now owns 12,473 shares of the financial services provider's stock worth $2,772,000 after acquiring an additional 76 shares during the last quarter. Provenance Wealth Advisors LLC raised its position in shares of The PNC Financial Services Group by 7,236.8% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,394 shares of the financial services provider's stock valued at $310,000 after purchasing an additional 1,375 shares during the last quarter. Integrity Alliance LLC. raised its position in shares of The PNC Financial Services Group by 29.2% in the 3rd quarter. Integrity Alliance LLC. now owns 1,279 shares of the financial services provider's stock valued at $284,000 after purchasing an additional 289 shares during the last quarter. Integrity Advisory Solutions LLC boosted its stake in The PNC Financial Services Group by 4.1% in the 3rd quarter. Integrity Advisory Solutions LLC now owns 1,328 shares of the financial services provider's stock worth $295,000 after purchasing an additional 52 shares in the last quarter. Finally, First Nebraska Trust Co acquired a new stake in The PNC Financial Services Group in the 3rd quarter worth approximately $268,000. Institutional investors own 83.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PNC shares. Jefferies Financial Group cut their price target on shares of The PNC Financial Services Group from $305.00 to $280.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Stephens dropped their price objective on shares of The PNC Financial Services Group from $265.00 to $250.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Wolfe Research initiated coverage on The PNC Financial Services Group in a research report on Tuesday, October 27th. They issued a "peer perform" rating on the stock. Citigroup reduced their target price on The PNC Financial Services Group from $290.00 to $270.00 and set a "buy" rating for the company in a research note on Monday, October 19th. Finally, Truist Financial lowered their price target on The PNC Financial Services Group from $252.00 to $248.00 and set a "hold" rating for the company in a research report on Monday, October 19th. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $266.04.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Up 1.8%

PNC stock opened at $233.43 on Thursday. The company has a market capitalization of $93.13 billion, a P/E ratio of 11.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The PNC Financial Services Group, Inc has a 12 month low of $177.08 and a 12 month high of $258.96. The firm's fifty day simple moving average is $229.31 and its 200-day simple moving average is $229.16. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.91 by $0.18. The firm had revenue of $6.60 billion during the quarter, compared to analysts' expectations of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm's revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the company posted $4.35 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be paid a dividend of $2.00 per share. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.4%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 42.58%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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