MUFG Securities EMEA plc Grows Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• MUFG Securities EMEA plc sharply increased its stake in PNC, boosting holdings by 1,506.2% in the fourth quarter to 121,077 shares valued at about $25.3 million.
• PNC reported strong quarterly earnings, posting $4.32 EPS and beating analyst estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The company also continues to return cash to shareholders, paying a quarterly dividend of $1.70 per share for a 3.1% annualized yield, even as a director recently sold a large block of shares.

MUFG Securities EMEA plc increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1,506.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 121,077 shares of the financial services provider's stock after purchasing an additional 113,539 shares during the quarter. MUFG Securities EMEA plc's holdings in The PNC Financial Services Group were worth $25,272,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PNC. Quarry LP purchased a new position in The PNC Financial Services Group during the third quarter worth about $25,000. Beacon Financial Strategies CORP purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $35,000. JPL Wealth Management LLC purchased a new position in The PNC Financial Services Group during the third quarter worth about $37,000. Financial Life Planners purchased a new position in The PNC Financial Services Group during the third quarter worth about $39,000. Finally, Cornerstone Planning Group LLC boosted its holdings in The PNC Financial Services Group by 2,100.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider's stock worth $39,000 after purchasing an additional 168 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $221.36 on Friday. The stock has a market capitalization of $88.89 billion, a P/E ratio of 12.86, a PEG ratio of 0.92 and a beta of 0.94. 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 firm's 50 day moving average is $216.27 and its 200 day moving average is $213.05. The PNC Financial Services Group, Inc has a 12 month low of $170.49 and a 12 month high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group's revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.51 EPS. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is 39.51%.

Analyst Upgrades and Downgrades

PNC has been the topic of several analyst reports. Truist Financial boosted their price target 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. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Citigroup boosted their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Finally, Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $243.11.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.38% of the company's stock.

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.

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