Canada Pension Plan Investment Board Purchases Shares of 771,649 The PNC Financial Services Group, Inc $PNC

Key Points

• Canada Pension Plan Investment Board acquired 771,649 PNC shares worth approximately $190 million, representing a 0.19% stake. Institutional investors and hedge funds collectively own 83.53% of PNC.
• Analysts maintain a generally positive outlook, with PNC receiving a consensus “Moderate Buy” rating and an average price target of $265.73, above its reported trading price.
• PNC reported quarterly earnings of $4.85 per share, beating estimates, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00, implying a 3.3% annual yield.

Canada Pension Plan Investment Board acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 771,649 shares of the financial services provider's stock, valued at approximately $189,995,000. Canada Pension Plan Investment Board owned 0.19% of The PNC Financial Services Group at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Cvfg LLC grew its holdings in The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after purchasing an additional 43 shares during the period. Trust Asset Management LLC raised its stake in The PNC Financial Services Group by 1.0% in the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock valued at $1,097,000 after buying an additional 43 shares during the period. Baron Wealth Management LLC lifted its position in shares of The PNC Financial Services Group by 3.0% in the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after buying an additional 46 shares during the last quarter. Atom Investors LP boosted its stake in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock worth $529,000 after acquiring an additional 46 shares during the period. Finally, Flavin Financial Services Inc. increased its holdings in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock worth $2,847,000 after acquiring an additional 48 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective for the company. in a research report on Thursday, July 23rd. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. Stephens raised their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Finally, Argus raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $265.73.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 6,654 shares of company stock worth $1,627,011. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Trading Up 0.4%

PNC stock opened at $245.04 on Thursday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The company's 50-day simple moving average is $248.99 and its 200 day simple moving average is $229.52. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The company has a market capitalization of $97.76 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. During the same quarter in the previous year, the company earned $3.85 EPS. The business's revenue was up 21.4% on a year-over-year basis. As a group, sell-side 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.

About The PNC Financial Services Group

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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