Amundi Raises Holdings in The PNC Financial Services Group, Inc $PNC

Amundi lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,824,741 shares of the financial services provider's stock after purchasing an additional 90,734 shares during the quarter. Amundi owned about 0.46% of The PNC Financial Services Group worth $449,288,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Tobias Financial Advisors Inc. bought a new stake in The PNC Financial Services Group in the second quarter worth $203,000. Groupe la Francaise lifted its position in The PNC Financial Services Group by 47.8% during the second quarter. Groupe la Francaise now owns 1,769 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 572 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $52,888,000. Vancity Investment Management Ltd grew its position in The PNC Financial Services Group by 22.5% in the second quarter. Vancity Investment Management Ltd now owns 39,789 shares of the financial services provider's stock worth $9,797,000 after acquiring an additional 7,302 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of The PNC Financial Services Group by 24,820.0% in the 2nd quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider's stock valued at $37,967,719,000 after purchasing an additional 153,583,625 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.0%

Shares of The PNC Financial Services Group stock opened at $245.64 on Tuesday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a fifty day moving average price of $249.51 and a 200 day moving average price of $229.96. The stock has a market cap of $98.00 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations 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 company's revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.85 EPS. Equities research analysts predict 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 disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio is 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Thomas sold 1,500 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PNC shares. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. Barclays lifted their price target on shares of 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. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. UBS Group raised their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Finally, Argus boosted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, July 16th. One 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's stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Company 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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