Jefferies Financial Group Inc. Purchases 23,179 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Jefferies Financial Group Inc. significantly increased its stake in The PNC Financial Services Group by purchasing 23,179 shares, bringing its total holdings to 40,389 shares valued at approximately $7.1 million.
• Analysts have given mixed ratings on PNC's stock, with the consensus being a "Moderate Buy" and a price target averaging $214.17, following some upgrades and price target changes from various firms.
• The PNC Financial Services Group announced a quarterly dividend of $1.70, marking an increase from the previous dividend of $1.60, representing an annualized yield of 3.7% for shareholders.

Jefferies Financial Group Inc. boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 134.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,389 shares of the financial services provider's stock after buying an additional 23,179 shares during the period. Jefferies Financial Group Inc.'s holdings in The PNC Financial Services Group were worth $7,099,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Ignite Planners LLC boosted its position in shares of The PNC Financial Services Group by 8.4% during the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock valued at $262,000 after purchasing an additional 126 shares in the last quarter. Exane Asset Management increased its stake in shares of The PNC Financial Services Group by 32.9% in the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after acquiring an additional 37,110 shares in the last quarter. Smith Salley Wealth Management raised its position in shares of The PNC Financial Services Group by 15.6% during the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock worth $12,804,000 after purchasing an additional 9,836 shares during the period. United Community Bank grew its position in The PNC Financial Services Group by 687.0% in the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock valued at $2,166,000 after purchasing an additional 10,759 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its stake in The PNC Financial Services Group by 4.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 120 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity

In other news, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,218 shares of company stock worth $900,918 in the last three months. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Oppenheimer upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price objective for the company in a research note on Wednesday, July 30th. 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. The Goldman Sachs Group raised their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 price target for the company. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Trading Up 1.7%

Shares of The PNC Financial Services Group stock traded up $3.25 during midday trading on Monday, reaching $189.13. 1,588,537 shares of the company's stock traded hands, compared to its average volume of 2,597,905. The stock has a 50 day moving average of $185.92 and a 200-day moving average of $180.06. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a market cap of $74.81 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.38 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.39 earnings per share. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.6%. The PNC Financial Services Group's payout ratio is presently 46.51%.

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.