Kovitz Investment Group Partners LLC Has $70.98 Million Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Kovitz Investment Group Partners LLC increased its stake in The PNC Financial Services Group by 13.1%, holding approximately $70.98 million worth of shares.
• PNC reported quarterly earnings of $3.85 per share, surpassing analysts' expectations of $3.56, while also showing a revenue increase of 4.6% year-over-year.
• The company recently raised its quarterly dividend from $1.60 to $1.70 per share, resulting in an annualized dividend yield of 3.5%.

Kovitz Investment Group Partners LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 13.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 403,834 shares of the financial services provider's stock after buying an additional 46,853 shares during the quarter. Kovitz Investment Group Partners LLC owned about 0.10% of The PNC Financial Services Group worth $70,982,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ignite Planners LLC grew its holdings 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 worth $262,000 after purchasing an additional 126 shares in the last quarter. Exane Asset Management increased its position in shares of The PNC Financial Services Group by 32.9% in the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock worth $28,434,000 after purchasing an additional 37,110 shares during the period. Smith Salley Wealth Management increased its position in shares of The PNC Financial Services Group by 15.6% in 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 increased its position in shares of The PNC Financial Services Group by 687.0% in the first quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock worth $2,166,000 after purchasing an additional 10,759 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its position in shares of The PNC Financial Services Group by 4.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock worth $493,000 after purchasing an additional 120 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $193.37 on Thursday. The company has a market capitalization of $76.15 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The business has a 50-day moving average of $188.32 and a 200-day moving average of $179.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.39 earnings per share. As a group, equities research 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 company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The PNC Financial Services Group's payout ratio is currently 46.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on PNC. Citigroup raised their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. TD Cowen began coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target on the stock. Truist Financial raised their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research report on Wednesday, July 9th. Barclays decreased their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada reduced their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. 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 issued a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average target price of $214.17.

The PNC Financial Services Group Company Profile

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.

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