Ethic Inc. Acquires 4,217 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Ethic Inc. increased its stake in The PNC Financial Services Group by 5.5%, acquiring an additional 4,217 shares, bringing its total holdings to 80,710 shares valued at approximately $14.1 million.
• Multiple large investors, including the Vanguard Group and Massachusetts Financial Services, have also raised their holdings in The PNC Financial Services Group, indicating strong institutional interest.
• The PNC Financial Services Group recently increased its quarterly dividend from $1.60 to $1.70 per share, reflecting a 3.5% dividend yield for shareholders.

Ethic Inc. grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 80,710 shares of the financial services provider's stock after purchasing an additional 4,217 shares during the quarter. Ethic Inc.'s holdings in The PNC Financial Services Group were worth $14,095,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of The PNC Financial Services Group by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock valued at $6,673,217,000 after purchasing an additional 248,252 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after acquiring an additional 1,964,157 shares in the last quarter. Northern Trust Corp raised its stake in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after acquiring an additional 608,375 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of The PNC Financial Services Group by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock worth $713,063,000 after acquiring an additional 186,249 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of The PNC Financial Services Group by 5.3% during the 4th quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock worth $689,084,000 after acquiring an additional 179,760 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

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 shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNC. Raymond James Financial upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a research note on Tuesday, July 8th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. TD Cowen started coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price objective for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Stock Performance

PNC opened at $194.67 on Friday. The firm's fifty day simple moving average is $188.72 and its two-hundred day simple moving average is $179.78. The company has a market cap of $76.66 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.43 and a beta of 1.09. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results 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 business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.39 earnings per share. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were given a dividend of $1.70 per share. 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. This represents a $6.80 annualized dividend and a yield of 3.5%. The PNC Financial Services Group's dividend payout ratio (DPR) is 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.

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