89,957 Shares in The PNC Financial Services Group, Inc $PNC Purchased by NFJ Investment Group LLC

Key Points

• NFJ Investment Group acquired 89,957 PNC shares worth approximately $22.1 million, while institutional investors collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share and revenue of $6.88 billion, exceeding analyst expectations; revenue rose 21.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73, and PNC increased its quarterly dividend to $2.00 per share, producing a 3.3% annualized yield.

NFJ Investment Group LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 89,957 shares of the financial services provider's stock, valued at approximately $22,149,000.

Several other hedge funds have also recently bought and sold shares of PNC. Truist Financial Corp boosted its stake in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock valued at $259,344,000 after purchasing an additional 39,589 shares in the last quarter. Vanguard Group Inc. lifted its stake in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC lifted its stake in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock valued at $4,953,000 after purchasing an additional 8,818 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $35,124,000. Finally, Empire Life Investments Inc. boosted its position in The PNC Financial Services Group by 8.7% in the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider's stock valued at $45,319,000 after buying an additional 17,418 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Andrew T. Feldstein sold 45,000 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred 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 transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 51,654 shares of company stock worth $11,552,661. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Morgan Stanley upped their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Argus increased their price target 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 report on Thursday, July 16th. Truist Financial boosted their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Finally, Wells Fargo & Company upped their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. One equities research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $242.26 on Friday. The firm has a market cap of $96.65 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 0.98 and a beta of 0.91. The firm's fifty day moving average is $248.17 and its 200-day moving average is $229.25. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted 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 business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.85 earnings per share. Sell-side 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. Shareholders of record on Monday, July 20th were given a $2.00 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio 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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