Callan Family Office LLC Purchases Shares of 13,478 The PNC Financial Services Group, Inc $PNC

Key Points

• Callan Family Office purchased 13,478 PNC shares worth approximately $3.32 million during the second quarter. Institutional investors and hedge funds collectively own 83.53% of PNC.
• Analysts remain generally positive, with PNC receiving a “Moderate Buy” consensus rating and an average price target of $265.73. Recent targets range from $264 to $284.
• PNC reported quarterly EPS of $4.85, beating estimates by $0.39, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, implying a 3.3% yield.

Callan Family Office LLC purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 13,478 shares of the financial services provider's stock, valued at approximately $3,318,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its stake in The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC lifted its position in The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after acquiring an additional 170 shares during the last quarter. Sivia Capital Partners LLC lifted its position in The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after acquiring an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after acquiring an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in The PNC Financial Services Group during the second quarter valued at about $482,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PNC shares. Royal Bank Of Canada lifted their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Barclays raised their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Truist Financial upped their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a report on Thursday, July 16th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Finally, Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $265.73.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stacy M. Juchno sold 3,354 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group 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 sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Up 0.6%

PNC stock opened at $243.05 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. 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 business's 50-day simple moving average is $248.28 and its 200 day simple moving average 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted $3.85 earnings per share. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is 44.03%.

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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