Federated Hermes Inc. Buys 45,500 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Federated Hermes Inc. increased its stake in The PNC Financial Services Group by 2.4% during Q1, holding a total of 1,931,369 shares valued at approximately $339.5 million.
• The PNC Financial Services Group recently announced a quarterly dividend of $1.70 per share, up from the previous $1.60, representing an annualized yield of 3.51%.
• Analysts have shown a positive outlook on The PNC Financial Services Group, with multiple firms adjusting their price targets, including a new target of $220.00 from Raymond James Financial.

Federated Hermes Inc. increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,931,369 shares of the financial services provider's stock after buying an additional 45,500 shares during the quarter. The PNC Financial Services Group accounts for 0.7% of Federated Hermes Inc.'s portfolio, making the stock its 23rd biggest holding. Federated Hermes Inc. owned approximately 0.49% of The PNC Financial Services Group worth $339,477,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. TCTC Holdings LLC boosted its holdings in The PNC Financial Services Group by 31.4% during the first quarter. TCTC Holdings LLC now owns 356 shares of the financial services provider's stock valued at $63,000 after purchasing an additional 85 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in The PNC Financial Services Group by 113.4% during the first quarter. Meeder Asset Management Inc. now owns 239 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 127 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in The PNC Financial Services Group by 1.3% during the first quarter. Meeder Advisory Services Inc. now owns 11,551 shares of the financial services provider's stock valued at $2,030,000 after purchasing an additional 150 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in The PNC Financial Services Group by 6.7% during the first quarter. Picton Mahoney Asset Management now owns 43,944 shares of the financial services provider's stock valued at $7,724,000 after purchasing an additional 2,762 shares in the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in The PNC Financial Services Group by 9.8% during the first quarter. Foundations Investment Advisors LLC now owns 1,913 shares of the financial services provider's stock valued at $336,000 after purchasing an additional 171 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 2.3%

NYSE PNC traded down $4.31 on Friday, reaching $185.96. The company had a trading volume of 1,662,958 shares, compared to its average volume of 2,402,242. The firm has a market capitalization of $73.56 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.43 and a beta of 1.07. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company's fifty day moving average is $185.64 and its 200-day moving average is $180.38.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.39 EPS. On average, research analysts forecast 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. This is a positive change 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%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PNC shares. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Citigroup boosted their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Royal Bank Of Canada reduced their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Bank of America boosted their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. 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. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $214.17.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,218 shares of company stock valued at $900,918. Company insiders own 0.41% of the company's stock.

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.