Bank of America Corp DE Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Bank of America purchased 8.54 million PNC shares in the second quarter, worth approximately $2.10 billion and representing a 2.14% stake. Institutional investors collectively own 83.53% of PNC.
• Analysts maintain a generally positive outlook, with PNC carrying a “Moderate Buy” consensus rating and an average price target of $265.73; several firms recently raised their targets.
• PNC exceeded quarterly earnings and revenue expectations, reporting $4.85 in EPS and $6.88 billion in revenue, while increasing its quarterly dividend to $2.00, or $8.00 annually.

Bank of America Corp DE bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,539,645 shares of the financial services provider's stock, valued at approximately $2,102,631,000. Bank of America Corp DE owned approximately 2.14% of The PNC Financial Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Basswood Capital Management L.L.C. acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $13,830,000. Bontempo Ohly Capital Mgmt LLC bought a new position in The PNC Financial Services Group during the second quarter worth about $412,000. Freestone Grove Partners LP acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $1,720,000. Caisse de depot et placement du Quebec acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $33,381,000. Finally, Odyssean LLC bought a new stake in The PNC Financial Services Group during the second quarter worth about $342,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PNC shares. Truist Financial upped their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. Morgan Stanley raised their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Robert W. Baird boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Finally, Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.7%

NYSE:PNC opened at $242.58 on Tuesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $96.77 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 1.22 and a beta of 0.90. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The firm has a 50-day moving average price of $248.80 and a two-hundred day moving average price of $230.51.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results 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 company had revenue of $6.88 billion during the quarter, compared to analyst estimates 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 PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.85 earnings per share. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group's dividend payout ratio is presently 44.03%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

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