32,172,263 Shares in The PNC Financial Services Group, Inc $PNC Purchased by BlackRock Inc.

Key Points

• BlackRock purchased 32.17 million PNC shares worth approximately $7.92 billion, giving it an 8.01% stake; institutional investors collectively own 83.53% of the bank.
• PNC reported quarterly earnings of $4.85 per share, beating estimates by $0.39, while revenue rose 21.4% year over year to $6.88 billion.
• PNC increased its quarterly dividend from $1.70 to $2.00 per share, equivalent to an annualized $8.00 payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73.

BlackRock Inc. purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,172,263 shares of the financial services provider's stock, valued at approximately $7,921,455,000. BlackRock Inc. owned about 8.01% of The PNC Financial Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group during the fourth quarter worth $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in shares of The PNC Financial Services Group by 93.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock worth $31,000 after purchasing an additional 71 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $254.65 on Tuesday. 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 has a market cap of $101.59 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The business's 50 day moving average is $247.28 and its 200-day moving average is $228.73.

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 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 21.4% on a year-over-year basis. During the same period last year, the firm earned $3.85 earnings per share. Equities research 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 declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $2.00 dividend. The ex-dividend date 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 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group's dividend payout ratio (DPR) is 44.03%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Oppenheimer raised their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, Truist Financial boosted their target price on 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of "Moderate Buy" and an average target price of $265.73.

Insider Buying and Selling

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 shares were sold at an average price of $238.14, for a total transaction 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. This trade represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 over the last three months. Company insiders own 0.38% of the company's stock.

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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