Auto Owners Insurance Co Has $217.84 Million Stake in The PNC Financial Services Group, Inc $PNC

Auto Owners Insurance Co lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 20,773.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,043,650 shares of the financial services provider's stock after acquiring an additional 1,038,650 shares during the period. Auto Owners Insurance Co owned 0.26% of The PNC Financial Services Group worth $217,841,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $1,967,080,000. Viking Global Investors LP lifted its stake in shares of The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in shares of The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider's stock worth $549,023,000 after buying an additional 2,382,552 shares during the period. Deutsche Bank AG boosted its holdings in shares of The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock worth $800,884,000 after buying an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP grew its stake in The PNC Financial Services Group by 50.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock valued at $700,305,000 after buying an additional 1,162,964 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNC has been the topic of several recent analyst reports. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. Stephens initiated coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They issued an "overweight" rating and a $265.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Morgan Stanley increased their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average price target of $246.72.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $232.39 on Friday. The firm has a market cap of $93.32 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 0.95 and a beta of 0.92. The stock's fifty day simple moving average is $222.68 and its 200 day simple moving average is $217.55. The PNC Financial Services Group, Inc has a one year low of $176.16 and a one year high of $243.94. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company's revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the business posted $3.51 earnings per share. On average, analysts expect that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Insider Buying and Selling

In other news, 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 value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company'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 completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. 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 over the last ninety days. Company 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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