Nuveen LLC Takes $306.91 Million Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Nuveen LLC acquired 1,746,060 shares of The PNC Financial Services Group, valued at approximately $306.9 million, representing around 0.44% of the company's stock.
• Several analysts upgraded their price targets for PNC, with Citigroup raising their target from $205 to $217, reflecting a strong buy sentiment for the stock.
• The PNC Financial Services Group announced a quarterly dividend increase to $1.70 per share, up from $1.60, resulting in an annualized yield of 3.6%.

Nuveen LLC acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,746,060 shares of the financial services provider's stock, valued at approximately $306,905,000. Nuveen LLC owned about 0.44% of The PNC Financial Services Group as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised 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 acquiring an additional 1,964,157 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $299,864,000. GAMMA Investing LLC lifted its stake in shares of The PNC Financial Services Group by 19,279.5% in the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the period. Goldman Sachs Group Inc. increased its holdings in The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock valued at $495,336,000 after buying an additional 830,440 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in The PNC Financial Services Group by 14.9% in the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after buying an additional 608,375 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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 in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Up 0.7%

The PNC Financial Services Group stock traded up $1.27 during trading on Thursday, reaching $194.67. 1,086,482 shares of the company's stock were exchanged, compared to its average volume of 2,350,232. The company's 50-day moving average is $188.32 and its two-hundred day moving average is $179.84. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. 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 cap of $76.66 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.42 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share 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 company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. During the same period in the prior year, the company posted $3.39 EPS. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts predict 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 business also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a $1.70 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PNC shares. Raymond James Financial upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a report on Tuesday, July 8th. Citigroup lifted 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 note on Thursday, July 17th. Truist Financial boosted 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 report on Wednesday, July 9th. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They set a "buy" rating and a $233.00 target price for the company. Finally, The Goldman Sachs Group upped 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. One 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 stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average 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.