Davis Selected Advisers Has $87.15 Million Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Davis Selected Advisers reduced its stake in The PNC Financial Services Group by 1.2% in the 1st quarter, selling 5,821 shares and now holds approximately 0.13% of the company valued at $87.15 million.
• Several other institutional investors have increased their positions, with ownership by institutional investors now at 83.53%.
• The PNC Financial Services Group recently declared a quarterly dividend of $1.70 per share, reflecting a 3.6% yield and an increase from the previous dividend of $1.60.

Davis Selected Advisers decreased its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 495,808 shares of the financial services provider's stock after selling 5,821 shares during the quarter. Davis Selected Advisers owned about 0.13% of The PNC Financial Services Group worth $87,148,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PNC. Cornerstone Planning Group LLC lifted its holdings in The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter worth approximately $35,000. REAP Financial Group LLC lifted its holdings in The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC lifted its holdings in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter worth approximately $41,000. Institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PNC shares. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their target price for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Raymond James Financial upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a report on Tuesday, July 8th. Citigroup boosted their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. 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 upped their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded up $2.61 during trading hours on Tuesday, hitting $191.14. 527,057 shares of the company's stock were exchanged, compared to its average volume of 2,356,249. The stock's 50-day moving average is $187.66 and its 200-day moving average is $179.66. 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 stock has a market cap of $75.27 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26.

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

The PNC Financial Services Group Increases Dividend

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