BI Asset Management Fondsmaeglerselskab A S Raises Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• BI Asset Management Fondsmaeglerselskab A S boosted its stake in PNC by 77.4% in the fourth quarter, buying 36,627 shares to bring its total holding to 83,968 shares valued at about $17.5 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 83.53% of PNC shares; several large investors, including Vanguard and Capital International Investors, also increased their positions.
• PNC reported solid quarterly results and shareholder returns, beating EPS estimates with $4.32 per share and paying a quarterly dividend of $1.70, which annualizes to a 3.0% yield.

BI Asset Management Fondsmaeglerselskab A S increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 77.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 83,968 shares of the financial services provider's stock after buying an additional 36,627 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in The PNC Financial Services Group were worth $17,527,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after buying an additional 408,464 shares during the last quarter. State Street Corp lifted its holdings in The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock valued at $3,464,462,000 after purchasing an additional 85,291 shares during the last quarter. Capital International Investors lifted its holdings in The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock valued at $2,177,318,000 after purchasing an additional 609,755 shares during the last quarter. Norges Bank purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at about $1,967,080,000. Finally, Geode Capital Management LLC lifted its holdings in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock valued at $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at $2,370,906.93. The trade was 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 link. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays upped their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $243.11.

The PNC Financial Services Group Trading Up 0.7%

Shares of PNC opened at $228.76 on Friday. The firm's 50 day simple moving average is $218.12 and its 200 day simple moving average is $214.36. The company has a market capitalization of $91.86 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.95 and a beta of 0.92. 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, Inc has a 1-year low of $172.73 and a 1-year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate 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 business's revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $3.51 earnings per share. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The PNC Financial Services Group's dividend payout ratio (DPR) 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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