Aljian Capital Management LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Aljian Capital Management initiated a new PNC position of 4,230 shares worth approximately $1.04 million. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $265.73; several firms recently raised their targets to between $273 and $288.
• PNC exceeded quarterly expectations with $4.85 in earnings per share and $6.88 billion in revenue, while revenue rose 21.4% year over year. The company also increased its quarterly dividend to $2.00 per share, representing a 3.1% annualized yield.

Aljian Capital Management LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,230 shares of the financial services provider's stock, valued at approximately $1,041,000.

Several other institutional investors also recently bought and sold shares of the stock. 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 stake in The PNC Financial Services Group by 1.1% during 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 during the last quarter. Stoneridge Investment Partners LLC boosted its stake in The PNC Financial Services Group by 59.1% during 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. purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $35,124,000. Finally, Empire Life Investments Inc. grew its holdings 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 buying an additional 17,418 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNC has been the topic of a number of research reports. Royal Bank Of Canada raised 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. Stephens upped their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target for the company. in a report on Thursday, July 23rd. UBS Group lifted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, Barclays boosted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research note 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $265.73.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $254.43 on Wednesday. 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 company has a market capitalization of $101.50 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company's 50 day simple moving average is $247.74 and its 200-day simple moving average is $228.96. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm 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 net margin of 21.41% and a return on equity of 12.48%. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.85 EPS. As a group, equities research 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. 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. The PNC Financial Services Group's payout ratio is currently 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm'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 directly owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 over the last ninety days. Company insiders own 0.38% of the company's stock.

About The PNC Financial Services Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source