OVERSEA CHINESE BANKING Corp Ltd Makes New $607,000 Investment in The PNC Financial Services Group, Inc (NYSE:PNC)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,452 shares of the financial services provider's stock, valued at approximately $607,000.

A number of other hedge funds also recently made changes to their positions in the business. Apollon Wealth Management LLC raised its stake in shares of The PNC Financial Services Group by 1.7% in the 1st quarter. Apollon Wealth Management LLC now owns 27,161 shares of the financial services provider's stock valued at $4,774,000 after buying an additional 456 shares in the last quarter. Bogart Wealth LLC raised its stake in shares of The PNC Financial Services Group by 14.8% in the 1st quarter. Bogart Wealth LLC now owns 63,900 shares of the financial services provider's stock valued at $11,232,000 after buying an additional 8,222 shares in the last quarter. Signaturefd LLC raised its stake in shares of The PNC Financial Services Group by 1.2% in the 1st quarter. Signaturefd LLC now owns 7,189 shares of the financial services provider's stock valued at $1,264,000 after buying an additional 82 shares in the last quarter. Edgestream Partners L.P. raised its stake in shares of The PNC Financial Services Group by 1,503.3% in the 1st quarter. Edgestream Partners L.P. now owns 52,090 shares of the financial services provider's stock valued at $9,156,000 after buying an additional 48,841 shares in the last quarter. Finally, Florida Financial Advisors LLC raised its stake in shares of The PNC Financial Services Group by 8.5% in the 1st quarter. Florida Financial Advisors LLC now owns 2,036 shares of the financial services provider's stock valued at $358,000 after buying an additional 159 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 1.4%

Shares of NYSE PNC traded up $2.67 during mid-day trading on Thursday, hitting $196.60. The company's stock had a trading volume of 1,629,409 shares, compared to its average volume of 2,137,997. The stock has a market cap of $77.77 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.52 and a beta of 1.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The company's fifty day simple moving average is $181.20 and its 200-day simple moving average is $180.24.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The company's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.39 EPS. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.46%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 48.02%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Citigroup lowered their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Truist Financial upped their target price on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. Royal Bank Of Canada lowered their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. The Goldman Sachs Group upped their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company lowered their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued 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 an average rating of "Moderate Buy" and an average target price of $211.00.

Insider Activity at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff purchased 1,000 shares of the business's stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the transaction, the director directly owned 2,009 shares of the company's stock, valued at approximately $317,863.98. The trade was a 99.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the sale, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,545 shares of company stock worth $1,590,080 in the last ninety days. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Profile

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.