Capital Investment Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,485 shares of the financial services provider's stock, valued at approximately $437,000.
A number of other hedge funds also recently made changes to their positions in PNC. Norges Bank purchased a new position in The PNC Financial Services Group during the fourth quarter valued at $1,352,151,000. Leigh Baldwin & CO. LLC bought a new stake in shares of The PNC Financial Services Group in the fourth quarter worth about $299,864,000. GAMMA Investing LLC lifted its position 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 worth $201,961,000 after buying an additional 1,143,079 shares in the last quarter. Schroder Investment Management Group grew its holdings in The PNC Financial Services Group by 166.1% during the 4th 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in The PNC Financial Services Group by 10.7% in the 4th 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 acquiring an additional 726,115 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
PNC has been the subject of a number of research reports. Raymond James Financial upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research report on Tuesday. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and cut their price objective for the company from $206.00 to $202.00 in a research report on Monday, March 31st. Citigroup lowered their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Finally, Truist Financial lowered their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $207.11.
Read Our Latest Stock Report on The PNC Financial Services Group
The PNC Financial Services Group Stock Performance
PNC stock traded up $1.97 during trading on Tuesday, reaching $198.22. The company had a trading volume of 4,366,480 shares, compared to its average volume of 2,129,942. The company has a market cap of $78.41 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50-day simple moving average of $176.56 and a 200-day simple moving average of $179.94.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a $1.70 dividend. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio is 45.20%.
Insider Transactions at The PNC Financial Services Group
In other news, Director Martin Pfinsgraff acquired 1,000 shares of the firm's stock in a transaction on Friday, April 25th. The stock was acquired at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the transaction, the director owned 2,009 shares in the company, valued at approximately $317,863.98. The trade was a 99.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,787 shares of company stock worth $1,782,794 over the last 90 days. 0.41% of the stock is currently owned by company insiders.
The PNC Financial Services Group Company Profile
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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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