Goldman Sachs Group Inc. Acquires 830,440 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Goldman Sachs Group Inc. has significantly increased its stake in The PNC Financial Services Group, acquiring an additional 830,440 shares during the first quarter, raising its ownership by 41.8% to over 2.8 million shares.
• Insider transactions at PNC included CEO William S. Demchak and EVP Kieran John Fallon selling shares, with a combined decrease in their holdings.
• PNC recently announced an increase in its quarterly dividend from $1.60 to $1.70 per share, representing a 3.6% dividend yield.

Goldman Sachs Group Inc. lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 41.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,818,090 shares of the financial services provider's stock after purchasing an additional 830,440 shares during the quarter. Goldman Sachs Group Inc. owned 0.71% of The PNC Financial Services Group worth $495,336,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its position in shares of The PNC Financial Services Group by 26.1% during the first 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 purchasing an additional 1,964,157 shares during the period. Northern Trust Corp raised its position in shares of The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares during the period. Bank of New York Mellon Corp raised its position in shares of The PNC Financial Services Group by 4.8% during the first 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 purchasing an additional 186,249 shares during the period. Royal Bank of Canada raised its position in shares of The PNC Financial Services Group by 5.3% during the fourth quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock worth $689,084,000 after purchasing an additional 179,760 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of The PNC Financial Services Group by 10.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,273,376 shares of the financial services provider's stock worth $631,271,000 after purchasing an additional 322,982 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,976 shares of company stock valued at $693,765. 0.41% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

PNC traded up $2.46 during trading hours on Friday, hitting $189.58. The stock had a trading volume of 1,020,079 shares, compared to its average volume of 2,093,945. The company's fifty day simple moving average is $187.37 and its 200 day simple moving average is $179.86. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The stock has a market cap of $74.66 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.41 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 (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same quarter last year, the firm posted $3.39 EPS. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were paid a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.6%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is 46.51%.

Analyst Ratings Changes

A number of research firms recently commented on PNC. Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target for the company in a research report on Tuesday, July 8th. Truist Financial increased their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada lowered their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Citigroup increased their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $214.17.

About The PNC Financial Services Group

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.