Nykredit A S Buys Shares of 136,188 The PNC Financial Services Group, Inc $PNC

Key Points

• Nykredit A/S purchased 136,188 shares of PNC Financial Services Group during the second quarter, valued at approximately $33.5 million. Institutional investors collectively own 83.53% of PNC’s outstanding shares.
• PNC reported stronger-than-expected quarterly results, with EPS of $4.85 versus the $4.46 consensus estimate and revenue of $6.88 billion. Revenue increased 21.4% year over year.
• PNC raised its quarterly dividend to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $267.87.

Nykredit A S purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 136,188 shares of the financial services provider's stock, valued at approximately $33,532,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at about $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,967,080,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $2,102,631,000. Deutsche Bank AG acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $1,054,189,000. Finally, Jupiter Topco LLC purchased a new stake in shares of The PNC Financial Services Group in the second quarter worth about $756,877,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Up 0.4%

Shares of NYSE:PNC opened at $232.97 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The firm has a market capitalization of $92.94 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.16 and a beta of 0.90. The firm's 50-day moving average is $247.48 and its two-hundred day moving average is $230.86.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates 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 PNC Financial Services Group's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.85 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business 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 was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.4%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is 44.03%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PNC. UBS Group upped their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Truist Financial increased their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Finally, Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $267.87.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.