Osmosis Investment Management UK Ltd bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 14,373 shares of the financial services provider's stock, valued at approximately $3,539,000.
Other institutional investors also recently modified their holdings of the company. Truist Financial Corp raised its position in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. grew its position in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC raised its holdings in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock worth $4,953,000 after acquiring an additional 8,818 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $35,124,000. Finally, Empire Life Investments Inc. lifted its position in The PNC Financial Services Group by 8.7% in the 4th quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider's stock valued at $45,319,000 after acquiring an additional 17,418 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have commented on PNC. Argus increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Robert W. Baird boosted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a report on Thursday, July 23rd. Finally, Stephens raised their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $265.73.
View Our Latest Report on The PNC Financial Services Group
The PNC Financial Services Group Price Performance
NYSE PNC opened at $243.05 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company's 50 day moving average is $248.28 and its two-hundred day moving average is $229.35. The stock has a market cap of $96.96 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate 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 firm's quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the company earned $3.85 EPS. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.
Insiders Place Their Bets
In other news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 51,654 shares of company stock worth $11,552,661. Insiders own 0.38% of the company's stock.
The PNC Financial Services Group Company Profile
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Free Report)
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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