Janus Henderson Group PLC Grows Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Janus Henderson Group PLC increased its stake in PNC Financial Services by 0.9% in the fourth quarter, bringing its holdings to 3.44 million shares worth about $718.7 million.
• PNC reported strong quarterly earnings, with EPS of $4.32 beating estimates by $0.40 and revenue rising 13.1% year over year, even though revenue slightly missed expectations.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average target price of $246.72; meanwhile, insiders recently sold shares, including a large sale by director Andrew T. Feldstein.

Janus Henderson Group PLC increased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,443,447 shares of the financial services provider's stock after acquiring an additional 32,310 shares during the quarter. Janus Henderson Group PLC owned approximately 0.88% of The PNC Financial Services Group worth $718,748,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Quarry LP bought a new position in The PNC Financial Services Group in the third quarter worth about $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group in the fourth quarter worth about $29,000. Kemnay Advisory Services Inc. bought a new position in The PNC Financial Services Group in the fourth quarter worth about $32,000. EFG International AG bought a new position in The PNC Financial Services Group in the fourth quarter worth about $33,000. Finally, Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group in the fourth quarter worth about $35,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $232.99 on Thursday. The PNC Financial Services Group, Inc has a twelve month low of $172.89 and a twelve month high of $243.94. The company's 50 day moving average is $222.07 and its 200 day moving average is $217.15. 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 company has a market cap of $93.56 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the company earned $3.51 EPS. The PNC Financial Services Group's quarterly revenue was up 13.1% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.79 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is 39.51%.

Insider Buying and Selling

In related news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on PNC. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. Stephens began coverage on shares of The PNC Financial Services Group in a report on Monday. They issued an "overweight" rating and a $265.00 target price for the company. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Finally, Citigroup boosted their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $246.72.

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.