Alberta Investment Management Corp Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Alberta Investment Management Corp initiated a 17,000-share position in PNC during the second quarter, valued at approximately $4.2 million. Institutional investors collectively own 83.53% of PNC’s outstanding shares.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, equating to a 3.1% annualized yield.
• Analysts maintain a broadly positive view, with a consensus “Moderate Buy” rating and an average price target of $265.73, above the reported share price of $254.65.

Alberta Investment Management Corp purchased a new stake 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 13F filing with the Securities & Exchange Commission. The firm purchased 17,000 shares of the financial services provider's stock, valued at approximately $4,186,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Truist Financial Corp increased its position in shares of The PNC Financial Services Group by 3.3% during the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after purchasing an additional 39,589 shares in the last quarter. Vanguard Group Inc. boosted its position 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 worth $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. 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 in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in The PNC Financial Services Group during the 4th quarter worth $35,124,000. Finally, Empire Life Investments Inc. grew its stake in The PNC Financial Services Group by 8.7% during the 4th quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider's stock worth $45,319,000 after buying an additional 17,418 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $254.65 on Tuesday. The business's 50 day moving average price is $247.28 and its 200 day moving average price is $228.73. The firm has a market cap of $101.59 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share 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 company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the company earned $3.85 EPS. The PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. On average, sell-side 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 declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.1%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Buying and Selling

In other news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% 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 quarter. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PNC. Citigroup increased their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Argus increased their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Royal Bank Of Canada lifted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Finally, Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $265.73.

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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