Advisors Capital Management LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 24,805 shares of the financial services provider's stock, valued at approximately $6,108,000.
A number of other hedge funds have also recently added to or reduced their stakes in PNC. Truist Financial Corp grew its holdings in The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after acquiring an additional 39,589 shares during the period. Vanguard Group Inc. lifted its stake in shares of 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 period. Stoneridge Investment Partners LLC boosted its position in shares of 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 worth $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 shares of The PNC Financial Services Group in the 4th quarter worth $35,124,000. Finally, Empire Life Investments Inc. grew its stake in shares of The PNC Financial Services Group by 8.7% during the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider's stock worth $45,319,000 after purchasing an additional 17,418 shares during the period. Institutional investors own 83.53% of the company's stock.
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 51,654 shares of company stock worth $11,552,661. Corporate insiders own 0.38% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on PNC shares. 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 report on Thursday, July 16th. Truist Financial raised 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. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price for the company. in a research report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Oppenheimer lifted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $265.73.
Get Our Latest Report on The PNC Financial Services Group
The PNC Financial Services Group Stock Down 1.7%
NYSE:PNC opened at $242.26 on Friday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. 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 stock has a market cap of $96.65 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.98 and a beta of 0.91. The stock has a 50-day moving average price of $248.17 and a two-hundred day moving average price of $229.25.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter last year, the firm posted $3.85 earnings per share. The PNC Financial Services Group's revenue was up 21.4% compared to the same quarter last year. As a group, equities 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 issued a dividend of $2.00 per share. This is an increase 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 annualized dividend and a yield of 3.3%. The PNC Financial Services Group's dividend payout ratio is 44.03%.
The PNC Financial Services Group Company Profile
(
Free Report)
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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