57,577 Shares in The PNC Financial Services Group, Inc $PNC Purchased by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration Corp. purchased 57,577 PNC shares worth approximately $14.2 million in the second quarter. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• Analysts maintain a generally positive outlook, with PNC receiving a consensus “Moderate Buy” rating and an average price target of $265.73. Several firms recently raised their price targets.
• PNC exceeded quarterly earnings and revenue expectations, reporting $4.85 in EPS and $6.88 billion in revenue, while increasing its quarterly dividend to $2.00 per share, or $8.00 annually.

OMERS ADMINISTRATION Corp purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 57,577 shares of the financial services provider's stock, valued at approximately $14,177,000.

Other hedge funds have also bought and sold shares of the company. Cvfg LLC boosted its position in shares of The PNC Financial Services Group by 2.5% in the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after purchasing an additional 43 shares in the last quarter. Trust Asset Management LLC grew its stake in shares of The PNC Financial Services Group by 1.0% in the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after acquiring an additional 43 shares during the last quarter. Baron Wealth Management LLC grew its stake in shares of The PNC Financial Services Group by 3.0% in the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock worth $325,000 after acquiring an additional 46 shares during the last quarter. Atom Investors LP increased its holdings in shares of The PNC Financial Services Group by 1.8% during the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock valued at $529,000 after acquiring an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. increased its holdings in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock valued at $2,847,000 after acquiring an additional 48 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 51,654 shares of company stock valued at $11,552,661 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PNC shares. UBS Group upped their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Oppenheimer upped their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Truist Financial increased their price target on shares of 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. Morgan Stanley raised their price target on shares of 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. Finally, Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. One equities research 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 company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $265.73.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $243.05 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company has a 50 day moving average price of $248.28 and a 200-day moving average price of $229.35. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The firm has a market capitalization of $96.96 billion, a PE 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 issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating 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 company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the firm earned $3.85 earnings per share. The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities 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 business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis 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 dividend payout ratio (DPR) 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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