Oppenheimer Asset Management Inc. Acquires 6,173 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Oppenheimer Asset Management increased its stake in The PNC Financial Services Group by 15.0% in Q4, acquiring 6,173 shares to hold 47,192 shares valued at about $9.85 million.
• Company insiders sold a total of 64,186 shares worth roughly $14.84 million during the last quarter—including EVP Louis Cestello and EVP Alexander Overstrom—leaving insiders with just 0.38% ownership.
• PNC beat quarterly EPS estimates ($4.32 vs. $3.92), announced a quarterly dividend of $1.70 (3.1% yield), and holds a MarketBeat consensus rating of "Moderate Buy" with an average price target near $241.72.

Oppenheimer Asset Management Inc. lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,192 shares of the financial services provider's stock after acquiring an additional 6,173 shares during the period. Oppenheimer Asset Management Inc.'s holdings in The PNC Financial Services Group were worth $9,850,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC grew its stake in shares of 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 valued at $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC grew its stake in shares of The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock valued at $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC grew its stake in shares of The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after buying an additional 1,449 shares during the period. Treasurer of the State of North Carolina grew its stake in shares of The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after buying an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $482,000. 83.53% of the stock is owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Louis Robert Cestello sold 4,279 shares of the company's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president owned 21,120 shares of the company's stock, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 over the last quarter. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PNC. Truist Financial raised their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research note on Thursday, April 16th. TD Cowen upped their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. 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 report on Thursday, April 16th. Barclays boosted their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average price target of $241.72.

The PNC Financial Services Group Trading Down 0.9%

The PNC Financial Services Group stock opened at $220.92 on Friday. The firm's fifty day moving average price is $213.91 and its 200-day moving average price is $208.29. The PNC Financial Services Group, Inc has a fifty-two week low of $163.11 and a fifty-two week high of $243.94. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market cap of $89.11 billion, a P/E ratio of 12.84, a PEG ratio of 0.92 and a beta of 0.96.

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

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

About The PNC Financial Services Group

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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