Glenview Trust Co Invests $16.39 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Glenview Trust Co. acquired 66,555 PNC shares during the second quarter, valued at approximately $16.39 million. Institutional investors collectively own 83.53% of the company.
• PNC reported quarterly EPS of $4.85, beating estimates by $0.39, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, implying a 3.3% yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $265.73, although insiders sold 6,654 shares worth about $1.63 million over the past three months.

Glenview Trust Co purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 66,555 shares of the financial services provider's stock, valued at approximately $16,387,000.

Other institutional investors also recently modified their holdings of the company. Cvfg LLC boosted its holdings in shares of The PNC Financial Services Group by 2.5% during the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after buying an additional 43 shares during the period. Trust Asset Management LLC grew its stake in The PNC Financial Services Group by 1.0% in the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock valued at $1,097,000 after buying an additional 43 shares during the last quarter. Baron Wealth Management LLC raised its holdings in The PNC Financial Services Group by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock worth $325,000 after acquiring an additional 46 shares during the period. Atom Investors LP raised its holdings in The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock worth $529,000 after acquiring an additional 46 shares during the period. Finally, Flavin Financial Services Inc. lifted its position in The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock worth $2,847,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was 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 owned 3,107 shares of the company's stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,654 shares of company stock worth $1,627,011 over the last three months. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $243.33 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $97.08 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The firm has a fifty day moving average price of $249.21 and a two-hundred day moving average price of $229.52. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business's revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.85 EPS. Analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio is presently 44.03%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Robert W. Baird upped their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Royal Bank Of Canada lifted their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Truist Financial boosted their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price for the company. in a research note on Thursday, July 23rd. Finally, Morgan Stanley raised their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average target price of $265.73.

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.

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