Convergence Investment Partners LLC Purchases 11,593 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Convergence Investment Partners LLC increased its PNC stake by 178.6% in the first quarter, buying 11,593 additional shares and bringing its total holdings to 18,085 shares valued at about $3.76 million.
• PNC reported better-than-expected quarterly results, with earnings per share of $4.85 versus the $4.46 consensus and revenue of $6.66 billion, up 21.4% year over year.
• The company raised its dividend to $2.00 per quarter from $1.70, implying an annualized payout of $8.00 and a yield of 3.2%.

Convergence Investment Partners LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 178.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,085 shares of the financial services provider's stock after acquiring an additional 11,593 shares during the quarter. Convergence Investment Partners LLC's holdings in The PNC Financial Services Group were worth $3,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Truist Financial Corp boosted its holdings in The PNC Financial Services Group by 3.3% during the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. grew its position in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at about $13,711,000. Stoneridge Investment Partners LLC increased its stake in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock valued at $4,953,000 after buying an additional 8,818 shares during the last quarter. Finally, BIP Wealth LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,243,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Down 1.1%

The PNC Financial Services Group stock opened at $250.05 on Tuesday. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $256.49. The firm has a 50 day moving average price of $233.88 and a 200-day moving average price of $223.82. The company has a market capitalization of $100.41 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $6.66 billion for the quarter, compared to analysts' expectations of $6.51 billion. During the same quarter in the previous year, the firm posted $3.85 EPS. The PNC Financial Services Group's revenue was up 21.4% on a year-over-year basis. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 19.14 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a $2.00 dividend. This is an increase 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 yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is 37.42%.

Analyst Ratings Changes

PNC has been the topic of a number of research analyst reports. Bank of America boosted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Robert W. Baird lifted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. UBS Group boosted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Morgan Stanley upped 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 note on Monday, June 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $265.50.

Insiders Place Their Bets

In other news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company's stock, 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. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last ninety days. 0.38% of the stock is currently owned by insiders.

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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