Bank of New York Mellon Corp purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,562,539 shares of the financial services provider's stock, valued at approximately $630,949,000. Bank of New York Mellon Corp owned about 0.64% of The PNC Financial Services Group at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of PNC. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the 4th quarter worth about $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group in the third quarter worth approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $29,000. Financial Life Planners purchased a new position in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC lifted its position in The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 71 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Performance
The PNC Financial Services Group stock opened at $243.05 on Friday. The company's 50-day moving average price is $248.28 and its 200-day moving average price is $229.34. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company has a market cap of $96.96 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. 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 earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion during 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 quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.85 EPS. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 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 Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is a boost 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 dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.
Insider Transactions at The PNC Financial Services Group
In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Argus raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a report on Thursday, July 23rd. Oppenheimer raised their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Truist Financial increased their target price on 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, UBS Group boosted their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $265.73.
Read Our Latest Analysis on PNC
About The PNC Financial Services Group
(
Free Report)
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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