Delta Global Management LP Purchases 82,482 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Delta Global Management LP raised its PNC stake by 73.1%, buying 82,482 shares to hold 195,372 shares worth $39.256 million, making PNC 2.9% of its portfolio and its 11th-largest holding.
• Insiders have been net sellers: EVP Richard Kevin Bynum sold 7,407 shares and CEO William S. Demchak sold 50,000 shares, with insiders offloading 64,186 shares (~$14.84M) over the past 90 days and now owning 0.41% of the company.
• PNC beat quarterly expectations (EPS $4.88 vs. $4.23; revenue $6.07B vs. $5.90B), pays a $1.70 quarterly dividend (3.4% yield), and carries a Wall Street consensus of "Moderate Buy" with an average target of $234.44.

Delta Global Management LP raised its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 73.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 195,372 shares of the financial services provider's stock after buying an additional 82,482 shares during the period. The PNC Financial Services Group accounts for 2.9% of Delta Global Management LP's investment portfolio, making the stock its 11th biggest holding. Delta Global Management LP's holdings in The PNC Financial Services Group were worth $39,256,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $1,477,836,000. Viking Global Investors LP boosted its position in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. AQR Capital Management LLC boosted its position in The PNC Financial Services Group by 134.9% in the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider's stock worth $622,450,000 after purchasing an additional 1,917,530 shares during the last quarter. Wellington Management Group LLP grew its stake in The PNC Financial Services Group by 50.1% in 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 during the period. Finally, Federated Hermes Inc. increased its position in shares of The PNC Financial Services Group by 43.8% during the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider's stock valued at $517,598,000 after purchasing an additional 845,148 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the firm's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares of the company's stock, valued at $448,563.16. This trade represents a 79.23% 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. Also, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 over the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.8%

Shares of PNC opened at $200.98 on Monday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The business has a 50-day moving average of $221.54 and a 200 day moving average of $205.28. The firm has a market cap of $81.07 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 0.84 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company's revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.77 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.4%. The PNC Financial Services Group's dividend payout ratio (DPR) is 40.99%.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an "overweight" rating in a research note on Monday, February 9th. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an "underweight" rating in a research report on Tuesday, January 20th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a "hold" rating in a research report on Thursday, December 18th. Barclays boosted their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an "overweight" rating in a research note on Monday, January 5th. Finally, Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a "market perform" rating in a research report on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.44.

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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