Cambridge Investment Research Advisors Inc. boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 7.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,243 shares of the financial services provider's stock after buying an additional 4,419 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in The PNC Financial Services Group were worth $11,643,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $299,864,000. GAMMA Investing LLC increased its stake in shares of The PNC Financial Services Group by 19,279.5% in the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the period. Schroder Investment Management Group raised its holdings in shares of The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock valued at $265,436,000 after buying an additional 860,554 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after buying an additional 726,115 shares during the period. 83.53% of the stock is currently owned by institutional investors.
The PNC Financial Services Group Price Performance
Shares of PNC traded up $0.53 during mid-day trading on Wednesday, hitting $182.55. The company's stock had a trading volume of 2,400,824 shares, compared to its average volume of 2,079,618. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The stock has a market capitalization of $72.21 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.52 and a beta of 1.06. The firm has a 50-day moving average price of $170.16 and a 200 day moving average price of $180.59. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. On average, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.
Insider Activity
In other news, Director Martin Pfinsgraff purchased 1,000 shares of the business's stock in a transaction dated Friday, April 25th. The shares were acquired at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the acquisition, the director now directly owns 2,009 shares of the company's stock, valued at $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $174.78, for a total transaction of $217,076.76. Following the completion of the sale, the chief executive officer now owns 564,815 shares of the company's stock, valued at approximately $98,718,365.70. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,670 shares of company stock valued at $2,099,398 over the last three months. Insiders own 0.41% of the company's stock.
Analyst Ratings Changes
A number of equities analysts recently issued reports on PNC shares. Citigroup decreased their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday, March 24th. TD Cowen assumed coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target for the company. Truist Financial lowered their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a report on Wednesday, April 16th. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $206.00 to $202.00 in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. decreased their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $202.67.
Check Out Our Latest Stock Analysis on PNC
About The PNC Financial Services Group
(
Free Report)
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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