Davis Rea LTD. Boosts Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Davis Rea LTD. increased its stake in The PNC Financial Services Group by 19.5% in the fourth quarter, adding 10,220 shares to hold 62,539 shares worth about $13.05 million, which is 3.3% of Davis Rea’s portfolio and its 11th largest holding.
• PNC reported earnings of $4.32 per share (above the $3.92 estimate) with revenue of $6.17 billion (up 13.1% year-over-year) and announced a quarterly dividend of $1.70 per share (annualized $6.80, ~3.0% yield).
• Research firms collectively give PNC a consensus rating of "Moderate Buy" with a consensus price target of $241.69, after several analysts raised or adjusted their targets (e.g., Barclays $277, BofA $264, Truist $245).

Davis Rea LTD. boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 62,539 shares of the financial services provider's stock after purchasing an additional 10,220 shares during the quarter. The PNC Financial Services Group makes up 3.3% of Davis Rea LTD.'s portfolio, making the stock its 11th biggest holding. Davis Rea LTD.'s holdings in The PNC Financial Services Group were worth $13,054,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in The PNC Financial Services Group by 12.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider's stock worth $11,621,000 after purchasing an additional 6,572 shares in the last quarter. US Bancorp DE lifted its position in shares of The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after acquiring an additional 34,009 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of The PNC Financial Services Group by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider's stock valued at $369,169,000 after acquiring an additional 22,325 shares in the last quarter. National Pension Service lifted its position in shares of The PNC Financial Services Group by 2.5% in the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider's stock valued at $215,113,000 after acquiring an additional 26,305 shares in the last quarter. Finally, Savant Capital LLC lifted its position in shares of The PNC Financial Services Group by 8.7% in the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider's stock valued at $17,672,000 after acquiring an additional 7,064 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNC has been the topic of several recent research reports. Truist Financial upped their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. Barclays upped their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. reduced their price objective on The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Bank of America upped their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $241.69.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $225.17 on Friday. The business's 50-day moving average price is $214.90 and its 200 day moving average price is $207.25. The PNC Financial Services Group, Inc has a twelve month low of $156.15 and a twelve month high of $243.94. The company has a market capitalization of $90.83 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 0.94 and a beta of 0.96. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping 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 firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the business posted $3.51 earnings per share. The firm's revenue for the quarter was up 13.1% compared to the same quarter last year. On average, research analysts predict that The PNC Financial Services Group, Inc will post 18.75 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group's dividend payout ratio is 39.51%.

Insiders Place Their Bets

In related news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is owned by corporate 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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