Empowered Funds LLC Increases Stake in The PNC Financial Services Group, Inc $PNC

Empowered Funds LLC grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 47.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,636 shares of the financial services provider's stock after acquiring an additional 15,252 shares during the period. Empowered Funds LLC's holdings in The PNC Financial Services Group were worth $9,913,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PNC. Truist Financial Corp grew its position in The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after acquiring an additional 39,589 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC grew its holdings in shares of The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock worth $4,953,000 after purchasing an additional 8,818 shares during the last quarter. BNC Wealth Management LLC bought a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $6,715,000. Finally, BIP Wealth LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $1,243,000. 83.53% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 48,300 shares of company stock worth $10,694,574. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

PNC has been the subject of several recent research reports. UBS Group upped their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Royal Bank Of Canada raised their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. Argus upped their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Finally, Bank of America increased their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

PNC stock opened at $248.74 on Friday. The firm has a market cap of $99.89 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average price of $239.63 and a 200-day moving average price of $225.84. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the company earned $3.85 EPS. The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.2%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group's payout ratio is presently 44.03%.

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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