Entropy Technologies LP Buys New Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Entropy Technologies LP opened a new position in The PNC Financial Services Group during the fourth quarter, buying 17,069 shares valued at about $3.56 million.
• PNC posted strong quarterly earnings, with EPS of $4.32 beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The company also paid a quarterly dividend of $1.70 per share and has a consensus analyst rating of Moderate Buy with an average price target of $243.11.

Entropy Technologies LP bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,069 shares of the financial services provider's stock, valued at approximately $3,563,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,967,080,000. 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 valued at $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. Deutsche Bank AG boosted its position in The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock valued at $800,884,000 after buying an additional 1,994,431 shares in the last quarter. Wellington Management Group LLP boosted its position in The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock valued at $700,305,000 after buying an additional 1,162,964 shares in the last quarter. Finally, Capital International Investors boosted its position in The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at $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. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Citigroup boosted their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Truist Financial boosted their price target on shares of 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. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Oppenheimer boosted their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $237.51 on Monday. The PNC Financial Services Group, Inc has a 1 year low of $172.73 and a 1 year high of $243.94. The firm's 50 day moving average is $220.85 and its 200-day moving average is $216.30. The firm has a market capitalization of $95.38 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.99 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the prior year, the business earned $3.51 earnings per share. The PNC Financial Services Group's quarterly revenue was up 13.1% on a year-over-year basis. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.