Jupiter Topco LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Jupiter Topco LLC acquired 3.07 million PNC shares worth approximately $756.9 million, representing about 0.77% of the company. Institutional investors collectively own 83.53% of PNC.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $265.73. Several firms recently raised their targets following PNC’s quarterly results, which exceeded earnings and revenue expectations.
• PNC increased its quarterly dividend from $1.70 to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.3% yield.

Jupiter Topco LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,074,194 shares of the financial services provider's stock, valued at approximately $756,877,000. Jupiter Topco LLC owned approximately 0.77% of The PNC Financial Services Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Hsbc Holdings PLC bought a new position in The PNC Financial Services Group in the second quarter worth $268,765,000. EFG International AG acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $124,000. Ancora Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $2,232,000. PDT Partners LLC bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $3,958,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $189,995,000. 83.53% of the stock is currently owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the 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 sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 6,654 shares of company stock worth $1,627,011. Insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on PNC shares. 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 stock an "outperform" rating in a research note on Thursday, July 16th. Argus raised their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. upped their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $244.15 on Wednesday. The stock has a market capitalization of $97.40 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. 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 PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The firm has a 50 day moving average of $248.75 and a 200-day moving average of $229.47.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the company earned $3.85 EPS. The PNC Financial Services Group's revenue for the quarter was up 21.4% on a year-over-year basis. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

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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