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ASR Vermogensbeheer N.V. Invests $8.24 Million in The PNC Financial Services Group, Inc (NYSE:PNC)

The PNC Financial Services Group logo with Finance background

Key Points

  • ASR Vermogensbeheer N.V. has invested approximately $8.24 million to acquire 46,859 shares of The PNC Financial Services Group, reflecting strong institutional interest in the financial services firm.
  • The PNC Financial Services Group reported $3.85 earnings per share (EPS) for the last quarter, exceeding analysts' expectations, with a revenue of $3.01 billion, a 4.6% increase compared to the previous year.
  • The company recently increased its quarterly dividend to $1.70 per share, representing an annualized dividend of $6.80 and a yield of 3.6%.
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ASR Vermogensbeheer N.V. purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 46,859 shares of the financial services provider's stock, valued at approximately $8,236,000.

Other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $299,864,000. GAMMA Investing LLC lifted its stake in The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after purchasing an additional 1,143,079 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in The PNC Financial Services Group by 41.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock worth $495,336,000 after purchasing an additional 830,440 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Down 0.5%

Shares of NYSE:PNC traded down $0.93 during trading on Monday, hitting $188.81. The stock had a trading volume of 194,525 shares, compared to its average volume of 2,359,349. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a market capitalization of $74.36 billion, a PE ratio of 12.91, a PEG ratio of 1.41 and a beta of 1.09. The firm's fifty day moving average is $187.37 and its 200 day moving average is $179.74. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The firm's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.39 EPS. Analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on PNC shares. Morgan Stanley lifted their price target on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price for the company. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their target price for the company from $185.00 to $212.00 in a research note on Wednesday, July 9th. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Finally, The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $214.17.

Get Our Latest Stock Report on PNC

The PNC Financial Services Group Profile

(Free Report)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

Further Reading

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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