Alberta Investment Management Corp Purchases 27,400 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Alberta Investment Management Corp nearly doubled its stake in PNC during the fourth quarter, buying 27,400 additional shares to bring its total to 54,900 shares valued at about $11.46 million.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The bank continues to draw bullish analyst and dividend support, with multiple firms raising price targets, a consensus “Moderate Buy” rating, and a quarterly dividend of $1.70 per share yielding about 2.9%.

Alberta Investment Management Corp boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 99.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,900 shares of the financial services provider's stock after acquiring an additional 27,400 shares during the quarter. Alberta Investment Management Corp's holdings in The PNC Financial Services Group were worth $11,459,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Faithward Advisors LLC grew its stake in shares of The PNC Financial Services Group by 3.6% in the fourth quarter. Faithward Advisors LLC now owns 4,927 shares of the financial services provider's stock worth $1,028,000 after acquiring an additional 171 shares during the period. Okabena Investment Services Inc. bought a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $808,000. Tobias Financial Advisors Inc. bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $221,000. Vanguard Personalized Indexing Management LLC boosted its position in The PNC Financial Services Group by 2.9% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 56,755 shares of the financial services provider's stock worth $11,846,000 after purchasing an additional 1,619 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its stake in shares of The PNC Financial Services Group by 694.4% during the 4th quarter. Panagora Asset Management Inc. now owns 97,969 shares of the financial services provider's stock valued at $20,449,000 after purchasing an additional 85,637 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the 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 sale, 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 SEC filing for this sale provides additional information. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last ninety days. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $234.71 on Wednesday. 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 PNC Financial Services Group, Inc has a 12 month low of $172.88 and a 12 month high of $243.94. The business's 50-day moving average is $221.67 and its 200 day moving average is $216.86. The company has a market capitalization of $94.25 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.96 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 (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. During the same period in the prior year, the firm earned $3.51 EPS. The company's revenue for the quarter was up 13.1% on a year-over-year basis. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders 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 of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Bank of America boosted their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Citigroup lifted their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Oppenheimer lifted their target price on 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. Morgan Stanley boosted their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a report on Thursday, April 16th. Finally, Truist Financial increased their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. One 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's stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $246.72.

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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