Entropy Technologies LP Grows Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Entropy Technologies LP increased its stake in The PNC Financial Services Group by 83.4% to 55,386 shares, making it the firm's 11th largest position worth approximately $9.7 million.
• Several institutional investors have recently adjusted their holdings in PNC, with United Community Bank notably increasing its position by 687.0%.
• The PNC Financial Services Group declared a quarterly dividend of $1.70, up from $1.60, resulting in an annualized dividend yield of 3.6%.

Entropy Technologies LP boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 83.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 55,386 shares of the financial services provider's stock after buying an additional 25,185 shares during the period. The PNC Financial Services Group accounts for 0.9% of Entropy Technologies LP's investment portfolio, making the stock its 11th largest position. Entropy Technologies LP's holdings in The PNC Financial Services Group were worth $9,735,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ignite Planners LLC lifted its stake in shares of The PNC Financial Services Group by 8.4% in the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock valued at $262,000 after purchasing an additional 126 shares during the last quarter. Exane Asset Management lifted its stake in shares of The PNC Financial Services Group by 32.9% in the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after purchasing an additional 37,110 shares during the last quarter. Smith Salley Wealth Management lifted its stake in shares of The PNC Financial Services Group by 15.6% in the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock valued at $12,804,000 after purchasing an additional 9,836 shares during the last quarter. United Community Bank lifted its stake in shares of The PNC Financial Services Group by 687.0% in the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock valued at $2,166,000 after purchasing an additional 10,759 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in shares of The PNC Financial Services Group by 4.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 120 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the 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 approximately $94,190,710.25. This represents a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PNC. Truist Financial upped their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research note on Wednesday, July 9th. Oppenheimer raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price on the stock in a research note on Wednesday, July 30th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley increased their target price on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Finally, TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Stock Up 1.4%

NYSE PNC traded up $2.70 during trading hours on Tuesday, hitting $191.23. 1,679,222 shares of the company were exchanged, compared to its average volume of 1,984,285. The company has a 50 day moving average of $187.96 and a two-hundred day moving average of $179.74. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a market cap of $75.31 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.40 and a beta of 1.09.

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

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

The PNC Financial Services Group Company 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.