The PNC Financial Services Group, Inc (NYSE:PNC) Shares Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners LP significantly increased its stake in The PNC Financial Services Group by 151.5% in Q1, now holding shares valued at approximately $1.90 million.
• The firm recently announced a quarterly dividend increase from $1.60 to $1.70, reflecting a yield of 3.6% and a dividend payout ratio of 46.51%.
• Despite a recent earnings report showing $3.85 earnings per share, analysts have mixed ratings on the stock with a consensus rating of "Moderate Buy" and a price target of $214.17.

CenterBook Partners LP increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 151.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,782 shares of the financial services provider's stock after buying an additional 6,495 shares during the quarter. CenterBook Partners LP's holdings in The PNC Financial Services Group were worth $1,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ignite Planners LLC grew its stake in The PNC Financial Services Group by 8.4% during the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock worth $262,000 after buying an additional 126 shares during the last quarter. Exane Asset Management grew its stake in The PNC Financial Services Group by 32.9% during the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after purchasing an additional 37,110 shares during the last quarter. Smith Salley Wealth Management grew its stake in The PNC Financial Services Group by 15.6% during the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock valued at $12,804,000 after purchasing an additional 9,836 shares during the last quarter. United Community Bank boosted its stake in shares of The PNC Financial Services Group by 687.0% in the first quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock worth $2,166,000 after buying an additional 10,759 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in shares of The PNC Financial Services Group by 4.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock worth $493,000 after buying an additional 120 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction 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 sale, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,976 shares of company stock worth $693,765 in the last quarter. Company insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Bank of America upped their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Barclays reduced their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Morgan Stanley upped their price target on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, Truist Financial increased their target price on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Trading Up 1.3%

The PNC Financial Services Group stock traded up $2.46 during trading on Friday, reaching $189.58. 1,020,079 shares of the company were exchanged, compared to its average volume of 2,093,945. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $74.66 billion, a P/E ratio of 12.97, a PEG ratio of 1.39 and a beta of 1.09. The stock's 50 day simple moving average is $187.37 and its two-hundred day simple moving average is $179.97.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter in the previous year, the business earned $3.39 earnings per share. The company's revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were issued a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

The PNC Financial Services Group Profile

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.