Assenagon Asset Management S.A. Increases Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Assenagon Asset Management boosted its stake in PNC by 179.7% in the first quarter, buying 854,901 additional shares and ending with 1,330,687 shares worth about $276.9 million.
• PNC insiders sold shares recently, including Director Andrew T. Feldstein and EVP Stephanie Novosel, while institutional investors still own 83.53% of the stock.
• PNC reported solid quarterly results, with EPS of $4.32 topping estimates and revenue rising 13.1% year over year; the company also pays a quarterly dividend of $1.70, equal to a 2.8% yield.

Assenagon Asset Management S.A. lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 179.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,330,687 shares of the financial services provider's stock after purchasing an additional 854,901 shares during the period. Assenagon Asset Management S.A. owned about 0.33% of The PNC Financial Services Group worth $276,903,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the third quarter valued at about $25,000. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, EFG International AG purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction 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 trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $239.76 on Thursday. 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 firm has a market cap of $96.28 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a 50 day moving average price of $223.59 and a 200-day moving average price of $218.60. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period in the previous year, the business posted $3.51 EPS. The business's revenue was up 13.1% compared to the same quarter last year. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.81 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PNC. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Stephens initiated coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They issued an "overweight" rating and a $265.00 price objective on the stock. Citigroup raised 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. Finally, Truist Financial increased their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus price target of $246.72.

The PNC Financial Services Group 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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