Ancora Advisors LLC Purchases New Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Ancora Advisors acquired 9,065 shares of PNC during the second quarter, valued at approximately $2.23 million. Institutional investors collectively own 83.53% of the company.
• PNC reported quarterly EPS of $4.85, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, implying a 3.3% annual yield.
• Analysts maintain a generally positive view, with PNC receiving a “Moderate Buy” consensus rating and an average price target of $265.73 versus its reported share price of $245.04.

Ancora Advisors LLC bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,065 shares of the financial services provider's stock, valued at approximately $2,232,000.

Other large investors also recently added to or reduced their stakes in the company. Monetary Solutions Ltd bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group in the third quarter worth $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the second quarter worth $28,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $29,000. Finally, Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the first quarter worth $31,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Up 0.4%

Shares of NYSE PNC opened at $245.04 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $97.76 billion, a PE ratio of 13.49, a PEG ratio of 0.97 and a beta of 0.91. The stock has a fifty day simple moving average of $248.99 and a 200-day simple moving average of $229.52. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96.

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 (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the firm earned $3.85 earnings per share. On average, equities analysts forecast 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 company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders 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 dividend yield of 3.3%. This is a positive change 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 dividend payout ratio (DPR) is presently 44.03%.

Insiders Place Their Bets

In related news, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 6,654 shares of company stock worth $1,627,011. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Barclays increased their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Finally, Royal Bank Of Canada lifted their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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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