Cullen Capital Management LLC Acquires 58,381 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Cullen Capital Management increased its stake in PNC by 29% in the fourth quarter, buying 58,381 additional shares and bringing its total holdings to 259,784 shares worth about $54.2 million.
• Other major institutions also boosted positions in PNC, including Norges Bank and Viking Global, and institutional ownership now stands at 83.53% of the company.
• PNC reported solid operating results, with quarterly EPS of $4.32 beating estimates and revenue up 13.1% year over year, while the stock also pays a $1.70 quarterly dividend yielding 2.9%.

Cullen Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 29.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,784 shares of the financial services provider's stock after purchasing an additional 58,381 shares during the period. Cullen Capital Management LLC owned 0.07% of The PNC Financial Services Group worth $54,225,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PNC. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,967,080,000. Viking Global Investors LP boosted its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Deutsche Bank AG boosted its position in shares of The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock valued at $800,884,000 after purchasing an additional 1,994,431 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock valued at $700,305,000 after purchasing an additional 1,162,964 shares in the last quarter. Finally, Capital International Investors boosted its position in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Buying and Selling

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction that occurred 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 $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Up 1.5%

Shares of NYSE:PNC opened at $237.51 on Friday. The business's 50 day simple moving average is $220.85 and its two-hundred day simple moving average is $216.10. The firm has a market cap of $95.38 billion, a P/E ratio of 13.80, a PEG ratio of 0.97 and a beta of 0.92. 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, Inc has a 52-week low of $172.73 and a 52-week high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.51 earnings per share. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. Barclays increased their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Truist Financial increased their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. Finally, Citigroup increased their price target on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $243.11.

The PNC Financial Services Group Company 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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