Bank of New York Mellon Corp Purchases 97,107 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Bank of New York Mellon increased its stake in PNC by 3.7% in the fourth quarter, buying 97,107 additional shares and bringing its total holdings to 2.69 million shares worth about $562.1 million.
• Institutional ownership remains heavy, with several other large investors also boosting their positions, and institutions now holding 83.53% of PNC’s stock.
• PNC beat earnings expectations in its latest quarter with EPS of $4.32 versus the $3.92 estimate, and it continues to pay a quarterly dividend of $1.70 per share, yielding about 3.1%.

Bank of New York Mellon Corp lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,692,994 shares of the financial services provider's stock after acquiring an additional 97,107 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.69% of The PNC Financial Services Group worth $562,109,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PNC. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth $1,967,080,000. Viking Global Investors LP boosted its stake in The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Wellington Management Group LLP boosted 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 worth $700,305,000 after purchasing an additional 1,162,964 shares during the period. AQR Capital Management LLC boosted its stake in The PNC Financial Services Group by 32.6% in the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after purchasing an additional 1,086,941 shares during the period. Finally, Capital International Investors raised its holdings in shares of The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock valued at $2,177,318,000 after buying an additional 609,755 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company's stock, valued at $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 available at this hyperlink. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PNC. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Bank of America lifted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Oppenheimer lifted their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Truist Financial lifted their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $243.11.

The PNC Financial Services Group Stock Down 1.1%

The PNC Financial Services Group stock opened at $218.52 on Thursday. The stock has a market cap of $87.75 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a one year low of $172.73 and a one year high of $243.94. The stock has a fifty day moving average of $217.24 and a 200 day moving average of $213.95.

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 EPS for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the prior year, the business earned $3.51 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is currently 39.51%.

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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