Fifth Third Bancorp Purchases 121,926 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Fifth Third Bancorp increased its stake in PNC Financial Services by 17.5% in the first quarter, buying 121,926 additional shares and lifting its total holdings to 817,629 shares valued at about $170.1 million.
• PNC shares were trading up modestly at $251.99, near their 52-week high of $256.00, as the company continued to show solid operating metrics including a market cap of $101.19 billion and a P/E ratio of 14.64.
• The bank beat EPS expectations in its latest quarter, and it raised its quarterly dividend to $2.00 per share from $1.70, bringing the annualized payout to $8.00 and the yield to 3.2%.

Fifth Third Bancorp raised its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 17.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 817,629 shares of the financial services provider's stock after purchasing an additional 121,926 shares during the period. Fifth Third Bancorp owned approximately 0.20% of The PNC Financial Services Group worth $170,140,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Simplicity Wealth LLC raised its holdings in shares of The PNC Financial Services Group by 9.1% during the 1st quarter. Simplicity Wealth LLC now owns 5,504 shares of the financial services provider's stock valued at $1,145,000 after buying an additional 458 shares in the last quarter. Candriam S.C.A. boosted its stake in The PNC Financial Services Group by 8.0% in the first quarter. Candriam S.C.A. now owns 168,890 shares of the financial services provider's stock worth $35,144,000 after buying an additional 12,540 shares in the last quarter. Conning Inc. grew its position in The PNC Financial Services Group by 9.7% during the first quarter. Conning Inc. now owns 176,746 shares of the financial services provider's stock valued at $36,779,000 after acquiring an additional 15,567 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of The PNC Financial Services Group by 6.7% during the first quarter. Sequoia Financial Advisors LLC now owns 20,972 shares of the financial services provider's stock worth $4,364,000 after acquiring an additional 1,311 shares in the last quarter. Finally, Relyea Zuckerberg Hanson LLC raised its stake in shares of The PNC Financial Services Group by 3.2% during the first quarter. Relyea Zuckerberg Hanson LLC now owns 1,647 shares of the financial services provider's stock worth $343,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 0.4%

Shares of PNC stock traded up $1.07 during mid-day trading on Friday, reaching $251.99. The stock had a trading volume of 2,892,810 shares, compared to its average volume of 2,235,505. 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 stock's 50-day moving average price is $229.90 and its two-hundred day moving average price is $222.05. The firm has a market capitalization of $101.19 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.03 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $256.00.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. During the same period last year, the firm earned $3.51 earnings per share. The PNC Financial Services Group's quarterly revenue was up 13.1% on a year-over-year basis. Equities analysts expect that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PNC shares. Bank of America upped their price objective on shares of 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. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a "hold" rating in a research note on Friday, June 26th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $264.00 to $270.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Barclays raised their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $258.09.

Insiders Place Their Bets

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction dated 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 transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

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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