Inceptionr LLC Increases Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Inceptionr LLC boosted its PNC stake by 668.7% in Q3 to 8,632 shares (about $1.73M), making the position the firm's 22nd-largest holding.
• Insiders have been active sellers, offloading 64,186 shares worth roughly $14.84M in the past 90 days, including large sales by two executive vice presidents that materially reduced their holdings.
• Wall Street is largely positive with a consensus "Moderate Buy" and a $234.44 price target (15 Buys, 5 Holds, 1 Sell), after PNC beat quarterly EPS and revenue estimates; the stock carries a 3.3% dividend yield.

Inceptionr LLC increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 668.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,632 shares of the financial services provider's stock after acquiring an additional 7,509 shares during the quarter. The PNC Financial Services Group makes up approximately 0.4% of Inceptionr LLC's holdings, making the stock its 22nd biggest holding. Inceptionr LLC's holdings in The PNC Financial Services Group were worth $1,734,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PNC. Flavin Financial Services Inc. increased its position in The PNC Financial Services Group by 13.6% during the third quarter. Flavin Financial Services Inc. now owns 13,593 shares of the financial services provider's stock worth $2,731,000 after purchasing an additional 1,630 shares during the last quarter. Skyline Advisors Inc. acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $209,000. Jefferies Financial Group Inc. grew its stake in shares of The PNC Financial Services Group by 246.3% during the 3rd quarter. Jefferies Financial Group Inc. now owns 10,299 shares of the financial services provider's stock valued at $2,069,000 after buying an additional 7,325 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in shares of The PNC Financial Services Group by 124.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 10,271 shares of the financial services provider's stock valued at $2,064,000 after buying an additional 5,691 shares during the period. Finally, Vinva Investment Management Ltd increased its holdings in shares of The PNC Financial Services Group by 23.7% during the 3rd quarter. Vinva Investment Management Ltd now owns 52,580 shares of the financial services provider's stock worth $10,613,000 after buying an additional 10,071 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the sale, the executive vice president directly owned 18,867 shares in the company, valued at $4,415,066.67. The trade was a 18.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president directly owned 1,942 shares of the company's stock, valued at $448,563.16. The trade was a 79.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 64,186 shares of company stock valued at $14,840,973. Corporate insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of research reports. Truist Financial raised their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a "hold" rating in a report on Thursday, December 18th. Royal Bank Of Canada boosted their target price on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, January 20th. Barclays raised their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an "overweight" rating in a report on Monday, January 5th. Oppenheimer boosted their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $234.44.

The PNC Financial Services Group Trading Down 2.9%

NYSE PNC opened at $206.26 on Monday. The company has a market capitalization of $83.20 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 0.86 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94. The company's fifty day moving average price is $222.17 and its two-hundred day moving average price is $205.18.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to analysts' expectations of $5.90 billion. During the same quarter in the prior year, the firm posted $3.77 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were paid a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 40.99%.

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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