Natixis Advisors LLC Acquires 101,429 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Natixis Advisors LLC increased its holdings in The PNC Financial Services Group by 55.4%, owning approximately 284,431 shares valued at $49.99 million after purchasing an additional 101,429 shares.
• The PNC Financial Services Group reported a better-than-expected $3.85 EPS for the most recent quarter, exceeding estimates by $0.29, while revenue was $3.01 billion, below expectations of $5.61 billion.
• PNC recently announced a quarterly dividend increase from $1.60 to $1.70 per share, reflecting a positive annualized yield of 3.6% and a payout ratio of approximately 46.51%.

Natixis Advisors LLC increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 55.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 284,431 shares of the financial services provider's stock after buying an additional 101,429 shares during the quarter. Natixis Advisors LLC owned 0.07% of The PNC Financial Services Group worth $49,994,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Massachusetts Financial Services Co. MA increased its position in The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after buying an additional 1,964,157 shares during the last quarter. Northern Trust Corp boosted its position in shares of The PNC Financial Services Group by 14.9% in the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares in the last quarter. Bank of New York Mellon Corp lifted its position in The PNC Financial Services Group by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock valued at $713,063,000 after acquiring an additional 186,249 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of The PNC Financial Services Group by 5.3% during the 4th quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock valued at $689,084,000 after buying an additional 179,760 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in The PNC Financial Services Group by 10.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,273,376 shares of the financial services provider's stock worth $631,271,000 after buying an additional 322,982 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,218 shares of company stock worth $900,918 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Down 0.1%

PNC traded down $0.26 during trading on Tuesday, hitting $188.81. The company had a trading volume of 538,312 shares, compared to its average volume of 2,391,106. The company has a market cap of $74.69 billion, a PE ratio of 12.92, a P/E/G ratio of 1.38 and a beta of 1.09. The business has a 50-day moving average of $186.26 and a 200-day moving average of $179.99. The company has a debt-to-equity ratio of 1.05, 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 released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 earnings per share. As a group, analysts forecast 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 disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be issued a $1.70 dividend. This is an increase 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 yield of 3.6%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio is currently 46.51%.

Wall Street Analyst Weigh In

PNC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their price target for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada lowered their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.

About The PNC Financial Services Group

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.