Crawford Investment Counsel Inc. Boosts Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Crawford Investment Counsel increased its PNC stake by 19.7% in the fourth quarter, adding 99,322 shares to bring its total to 603,176 shares worth about $125.9 million.
• PNC reported stronger-than-expected earnings of $4.32 per share for the quarter, beating estimates, while revenue rose 13.1% year over year to $6.17 billion. The company also maintained a quarterly dividend of $1.70 per share, or $6.80 annually.
• Analysts remain broadly positive on PNC, with a consensus rating of “Moderate Buy” and an average price target of $246.72. Recent insider sales by executives were also disclosed, totaling 48,300 shares sold over the last 90 days.

Crawford Investment Counsel Inc. increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 19.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 603,176 shares of the financial services provider's stock after acquiring an additional 99,322 shares during the quarter. The PNC Financial Services Group makes up 2.1% of Crawford Investment Counsel Inc.'s investment portfolio, making the stock its 9th largest position. Crawford Investment Counsel Inc. owned approximately 0.15% of The PNC Financial Services Group worth $125,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Harvest Investment Advisors LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $2,134,000. Kemnay Advisory Services Inc. bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $32,000. Captrust Financial Advisors grew its position in The PNC Financial Services Group by 2.4% during the 4th quarter. Captrust Financial Advisors now owns 113,181 shares of the financial services provider's stock worth $22,728,000 after acquiring an additional 2,600 shares during the last quarter. Artisan Partners Limited Partnership grew its position in The PNC Financial Services Group by 3.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 624,558 shares of the financial services provider's stock worth $130,364,000 after acquiring an additional 21,268 shares during the last quarter. Finally, &PARTNERS grew its position in shares of The PNC Financial Services Group by 10.9% in the 4th quarter. &PARTNERS now owns 318,508 shares of the financial services provider's stock worth $66,500,000 after buying an additional 31,354 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $234.71 on Wednesday. The firm has a market cap of $94.25 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.96 and a beta of 0.92. The PNC Financial Services Group, Inc has a fifty-two week low of $172.88 and a fifty-two week high of $243.94. The business's 50 day moving average price is $221.67 and its 200-day moving average price is $216.86. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the company posted $3.51 earnings per share. The firm's revenue was up 13.1% on a year-over-year basis. On average, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group's payout ratio is currently 39.51%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group 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 directly owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock worth $10,694,574 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PNC shares. Truist Financial lifted their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. Stephens started coverage on The PNC Financial Services Group in a research report on Monday. They issued an "overweight" rating and a $265.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Barclays lifted their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, Oppenheimer lifted their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus price target of $246.72.

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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