Manning & Napier Advisors LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Manning & Napier Advisors initiated a position in PNC during the second quarter, purchasing 38,944 shares valued at approximately $9.6 million. Institutional investors collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend from $1.70 to $2.00 per share, for an annualized yield of about 3.3%.
• PNC shares recently traded at $243.70, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $265.73. Meanwhile, insiders sold 6,654 shares worth approximately $1.63 million over the past 90 days.

Manning & Napier Advisors LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 38,944 shares of the financial services provider's stock, valued at approximately $9,609,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Brighton Jones LLC lifted its stake in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC lifted its position in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock valued at $1,452,000 after acquiring an additional 170 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after acquiring an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after acquiring an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth about $482,000. Institutional investors own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction 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 directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,654 shares of company stock valued at $1,627,011 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $243.70 on Tuesday. The business's 50-day moving average is $248.56 and its 200 day moving average is $229.42. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a market capitalization of $97.22 billion, a P/E ratio of 13.41, a P/E/G ratio of 0.96 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 (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.85 EPS. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group's payout ratio is currently 44.03%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial lifted their target price on 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. Morgan Stanley upped their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Royal Bank Of Canada increased their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Robert W. Baird lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Finally, Argus boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $265.73.

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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