BNP Paribas Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• BNP Paribas opened a new position in The PNC Financial Services Group, buying 22,237 shares in the fourth quarter worth about $4.64 million.
• PNC reported better-than-expected quarterly earnings, with EPS of $4.32 versus the $3.92 consensus estimate, while revenue rose 13.1% from a year earlier.
• Analysts remain broadly positive on the stock: PNC has a Moderate Buy consensus rating and a consensus price target of $243.11, while the company also pays a quarterly dividend of $1.70 per share.

BNP Paribas bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 22,237 shares of the financial services provider's stock, valued at approximately $4,643,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP bought a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $25,000. Beacon Financial Strategies CORP bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $35,000. Cornerstone Planning Group LLC boosted its position in shares of The PNC Financial Services Group by 2,100.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 168 shares during the period. JPL Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $37,000. Finally, Financial Life Planners bought a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $39,000. Institutional investors own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNC. Truist Financial raised 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 research report on Thursday, April 16th. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Citigroup lifted their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Trading Down 2.3%

PNC stock opened at $216.12 on Tuesday. The company has a market capitalization of $86.79 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 0.92 and a beta of 0.94. The PNC Financial Services Group, Inc has a one year low of $170.49 and a one year high of $243.94. The company's 50 day moving average price is $216.56 and its two-hundred day moving average price is $213.46. 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 (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. As a group, analysts predict 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. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

The PNC Financial Services Group Company 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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