6,318 Shares in The PNC Financial Services Group, Inc $PNC Purchased by Simplicity Wealth LLC

Key Points

• Simplicity Wealth LLC acquired 6,318 PNC shares worth approximately $1.56 million in the second quarter. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• PNC reported strong quarterly results, with earnings of $4.85 per share and revenue of $6.88 billion, exceeding estimates and representing 21.4% year-over-year revenue growth.
• PNC increased its quarterly dividend from $1.70 to $2.00 per share, equating to an $8.00 annualized payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.73.

Simplicity Wealth LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 6,318 shares of the financial services provider's stock, valued at approximately $1,556,000.

Several other hedge funds also recently made changes to their positions in PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Viking Global Investors LP grew its position in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. Bank of New York Mellon Corp bought a new position in The PNC Financial Services Group during the 2nd quarter worth $630,949,000. Corient Private Wealth LLC increased its stake in The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider's stock worth $549,023,000 after acquiring an additional 2,382,552 shares during the period. Finally, Deutsche Bank AG raised its holdings in The PNC Financial Services Group by 108.2% in the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock valued at $800,884,000 after acquiring an additional 1,994,431 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction 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 approximately $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 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.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $256.91 on Monday. The stock has a 50-day moving average price of $246.72 and a two-hundred day moving average price of $228.51. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.13. The company has a market capitalization of $102.49 billion, a PE ratio of 14.14, a P/E/G ratio of 1.02 and a beta of 0.91. 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 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 the consensus estimate 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 business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the company earned $3.85 EPS. The firm's revenue was up 21.4% compared to the same quarter last year. Analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS 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 issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. 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%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Stephens boosted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research note 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 report on Wednesday, July 29th. Oppenheimer boosted their target price on shares of 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. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research note 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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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