Allstate Corp Purchases 16,774 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Allstate Corp more than doubled its stake in PNC during the fourth quarter, buying an additional 16,774 shares and bringing its total holding to 31,744 shares valued at about $6.63 million.
• Other institutional investors also adjusted positions in PNC, and overall institutional ownership remains high at 83.53%, indicating strong professional investor interest in the stock.
• PNC posted solid quarterly results, with EPS of $4.32 beating estimates and revenue rising 13.1% year over year. The company also pays a $1.70 quarterly dividend, equal to a 3.1% yield, while analysts currently rate the stock Moderate Buy with an average target price of $243.11.

Allstate Corp boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 112.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,744 shares of the financial services provider's stock after acquiring an additional 16,774 shares during the quarter. Allstate Corp's holdings in The PNC Financial Services Group were worth $6,626,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Cvfg LLC increased its stake in The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after acquiring an additional 43 shares during the last quarter. YANKCOM Partnership boosted its position in The PNC Financial Services Group by 1.8% during the fourth quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock valued at $539,000 after buying an additional 46 shares during the period. Westfuller Advisors LLC boosted its position in The PNC Financial Services Group by 26.9% during the fourth quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock valued at $45,000 after buying an additional 46 shares during the period. Flavin Financial Services Inc. boosted its position in The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock valued at $2,847,000 after buying an additional 48 shares during the period. Finally, Almanack Investment Partners LLC. boosted its position in The PNC Financial Services Group by 2.2% during the fourth quarter. Almanack Investment Partners LLC. now owns 2,349 shares of the financial services provider's stock valued at $490,000 after buying an additional 50 shares during the period. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PNC. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Citigroup increased their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, May 8th. JPMorgan Chase & Co. increased 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 report on Thursday, April 30th. 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 investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $243.11.

The PNC Financial Services Group Price Performance

PNC stock opened at $221.21 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $170.49 and a 1 year high of $243.94. The company has a market cap of $88.83 billion, a P/E ratio of 12.85, a PEG ratio of 0.91 and a beta of 0.94. The firm has a 50-day moving average of $215.14 and a 200 day moving average of $212.47. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the firm earned $3.51 earnings per share. The PNC Financial Services Group's revenue was up 13.1% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

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.

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