Global Retirement Partners LLC Acquires New Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Global Retirement Partners acquired 21,048 shares of PNC in the second quarter, worth approximately $5.18 million. Institutional investors collectively own 83.53% of the company.
• PNC exceeded quarterly expectations, reporting $4.85 in EPS and $6.88 billion in revenue, with revenue up 21.4% year over year.
• PNC increased its quarterly dividend from $1.70 to $2.00 per share, equal to an annualized $8.00 dividend and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with a $265.73 average price target.

Global Retirement Partners LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 21,048 shares of the financial services provider's stock, valued at approximately $5,182,000.

A number of other hedge funds also recently bought and sold shares of PNC. Cvfg LLC increased its holdings in shares of The PNC Financial Services Group by 2.5% in the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after acquiring an additional 43 shares during the period. Trust Asset Management LLC raised its position in shares of 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 worth $1,097,000 after acquiring an additional 43 shares in the last quarter. Baron Wealth Management LLC boosted its position in The PNC Financial Services Group by 3.0% during the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after purchasing an additional 46 shares in the last quarter. Atom Investors LP boosted its position in The PNC Financial Services Group by 1.8% during the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock valued at $529,000 after purchasing an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. grew its stake in The PNC Financial Services Group by 0.4% in the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock valued at $2,847,000 after purchasing an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $256.91 on Monday. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.13. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The company has a market cap of $102.49 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company's 50 day moving average is $246.72 and its 200 day moving average is $228.51.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.85 EPS. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's payout ratio is presently 44.03%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a report on Thursday, July 16th. Royal Bank Of Canada raised their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Robert W. Baird lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, UBS Group increased their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company's stock.

About The PNC Financial Services Group

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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