AEGON ASSET MANAGEMENT UK Plc Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• AEGON ASSET MANAGEMENT UK Plc disclosed a new first-quarter stake in The PNC Financial Services Group, buying 11,100 shares valued at about $2.31 million.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, topping estimates, while revenue rose 13.1% year over year to $6.17 billion.
• Wall Street remains constructive on the stock, with analysts giving PNC a Moderate Buy consensus and an average price target of $246.72, while insiders have sold shares in recent months.

AEGON ASSET MANAGEMENT UK Plc acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,100 shares of the financial services provider's stock, valued at approximately $2,309,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE boosted its stake in shares of The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after buying an additional 34,009 shares during the period. Truist Financial Corp raised its holdings in The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock valued at $259,344,000 after acquiring an additional 39,589 shares in the last quarter. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $13,711,000. Finally, Stoneridge Investment Partners LLC lifted its stake in The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock worth $4,953,000 after acquiring an additional 8,818 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNC shares. Citigroup increased their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Stephens assumed coverage on shares of The PNC Financial Services Group in a research report on Monday, June 15th. They set an "overweight" rating and a $265.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Finally, Truist Financial raised their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus price target of $246.72.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $232.39 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52 week low of $176.16 and a 52 week high of $243.94. The firm's 50 day moving average is $222.68 and its two-hundred day moving average is $217.55. The firm has a market capitalization of $93.32 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.95 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the firm earned $3.51 EPS. The company's revenue was up 13.1% compared to the same quarter last year. Research analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the business'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 completion of the sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 over the last ninety days. Insiders own 0.38% of the company's stock.

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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