Blueshift Asset Management LLC Makes New Investment in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Blueshift Asset Management has acquired a new position in The PNC Financial Services Group, purchasing 2,446 shares valued at approximately $430,000.
• Dividends Increased: The company recently declared a quarterly dividend of $1.70 per share, up from $1.60, representing an annualized yield of 3.7%.
• Strong Earnings Performance: PNC reported quarterly earnings of $3.85 per share, exceeding analyst expectations and showing a 4.6% revenue increase compared to the same quarter last year.

Blueshift Asset Management LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,446 shares of the financial services provider's stock, valued at approximately $430,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its position in The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after buying an additional 65 shares during the period. REAP Financial Group LLC grew its stake in The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 80 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth approximately $35,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth approximately $41,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,218 shares of company stock worth $900,918. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $185.78 on Friday. The company has a market capitalization of $73.49 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The company's fifty day moving average price is $185.92 and its 200 day moving average price is $180.31.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same period last year, the business posted $3.39 earnings per share. The firm's revenue was up 4.6% compared to the same quarter last year. As a group, analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.7%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price target for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research report on Tuesday, July 8th. TD Cowen began coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price on the stock. Finally, Oppenheimer raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price target for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

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