National Pension Service Acquires 78,124 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• The National Pension Service increased its stake in The PNC Financial Services Group by 7.6%, bringing its total ownership to 1,110,904 shares valued at approximately $195.26 million.
• Notable analysts have adjusted their price targets for PNC's stock, with Bank of America raising it to $226 and Oppenheimer setting a target of $238, reflecting positive outlooks for the company.
• The PNC Financial Services Group recently increased its quarterly dividend from $1.60 to $1.70, indicating a 3.5% yield and reaffirming its commitment to returning value to shareholders.

National Pension Service lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 7.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,110,904 shares of the financial services provider's stock after buying an additional 78,124 shares during the quarter. National Pension Service owned about 0.28% of The PNC Financial Services Group worth $195,264,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after purchasing an additional 984 shares in the last quarter. Savvy Advisors Inc. bought a new position in The PNC Financial Services Group in the 4th quarter valued at $205,000. SageView Advisory Group LLC boosted its holdings in The PNC Financial Services Group by 7.9% in the 4th quarter. SageView Advisory Group LLC now owns 1,714 shares of the financial services provider's stock valued at $331,000 after purchasing an additional 125 shares during the period. Guggenheim Capital LLC boosted its holdings in The PNC Financial Services Group by 37.3% in the 4th quarter. Guggenheim Capital LLC now owns 40,013 shares of the financial services provider's stock valued at $7,717,000 after purchasing an additional 10,874 shares during the period. Finally, Jump Financial LLC boosted its holdings in The PNC Financial Services Group by 14.6% in the 4th quarter. Jump Financial LLC now owns 2,503 shares of the financial services provider's stock valued at $483,000 after purchasing an additional 318 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Down 1.7%

Shares of PNC stock traded down $3.27 during mid-day trading on Friday, reaching $191.30. The stock had a trading volume of 1,300,358 shares, compared to its average volume of 1,681,907. The stock's 50-day moving average price is $188.97 and its two-hundred day moving average price is $179.55. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a market capitalization of $75.34 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99.

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

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were given a dividend of $1.70 per share. 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 dividend yield of 3.6%. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio is presently 46.51%.

Analyst Ratings Changes

PNC has been the subject of several analyst reports. The Goldman Sachs Group raised their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Citigroup raised their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. 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 on the stock in a research report on Wednesday, July 30th. Finally, Truist Financial raised their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus 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.