85,500 Shares in The PNC Financial Services Group, Inc $PNC Bought by Employees Provident Fund Board

Key Points

• Employees Provident Fund Board bought 85,500 shares of PNC Financial Services in the fourth quarter, a position worth about $17.85 million.
• PNC reported Q1 earnings of $4.32 per share, beating estimates, while revenue came in at $6.17 billion and rose 13.1% year over year.
• The company paid a $1.70 quarterly dividend and now offers an annualized yield of 2.9%; analysts currently rate the stock a Moderate Buy with a consensus price target of $246.72.

Employees Provident Fund Board purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 85,500 shares of the financial services provider's stock, valued at approximately $17,846,000.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC lifted its position in shares of The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after purchasing an additional 170 shares during the period. Sivia Capital Partners LLC boosted its position in The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after acquiring an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after purchasing an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $482,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

PNC opened at $232.39 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $176.16 and a twelve month high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The firm's 50-day moving average price is $222.68 and its 200 day moving average price is $217.55. The firm has a market capitalization of $93.32 billion, a PE ratio of 13.50, a PEG ratio of 0.95 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business's revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.51 EPS. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.81 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The PNC Financial Services Group's payout ratio is presently 39.51%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PNC. Morgan Stanley raised their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 16th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Finally, Truist Financial raised their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $246.72.

Insiders Place Their Bets

In other news, EVP Stephanie Novosel sold 1,800 shares of the business's 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 in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

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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