Amundi Has $360.83 Million Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Amundi reduced its PNC stake by 0.4%, selling 6,894 shares and retaining 1.73 million shares valued at approximately $360.83 million. Institutional investors own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, surpassing estimates of $4.46, while revenue rose 21.4% year over year to $6.66 billion. The company also increased its quarterly dividend to $2.00, implying a 3.2% annual yield.
• Analysts maintain a generally positive view, with PNC holding a “Moderate Buy” consensus rating and an average price target of $265.73. However, insiders sold 48,300 shares worth roughly $10.7 million over the past 90 days.

Amundi lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,734,007 shares of the financial services provider's stock after selling 6,894 shares during the quarter. Amundi owned approximately 0.43% of The PNC Financial Services Group worth $360,830,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group during the third quarter worth about $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new position in The PNC Financial Services Group in the 1st quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC increased its position in The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 71 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Down 1.2%

NYSE:PNC opened at $248.46 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $99.77 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.00 and a beta of 0.91. The firm has a fifty day simple moving average of $239.02 and a two-hundred day simple moving average of $225.62. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.49.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data 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 $6.66 billion for the quarter, compared to analyst estimates 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 business's quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.85 earnings per share. Analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a $2.00 dividend. The ex-dividend date is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is 44.03%.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Bank of America increased their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. UBS Group upped their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective on the stock. in a research note on Thursday, July 23rd. Finally, Stephens upped their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a 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 given a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average price target of $265.73.

Insider Buying and Selling

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction that occurred on 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 directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 in the last ninety days. Corporate 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.

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