PensionDanmark Pensionsforsikringsaktieselskab Raises Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• PensionDanmark increased its PNC stake by 8.1% in the second quarter, bringing its holdings to 82,441 shares valued at approximately $20.3 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $265.73; several firms recently raised their targets to as high as $290.
• PNC beat quarterly earnings and revenue expectations, reporting $4.85 in EPS and $6.88 billion in revenue, while increasing its quarterly dividend to $2.00, or an annualized $8.00 per share.

PensionDanmark Pensionsforsikringsaktieselskab increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 82,441 shares of the financial services provider's stock after purchasing an additional 6,192 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in The PNC Financial Services Group were worth $20,299,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $1,967,080,000. Viking Global Investors LP lifted its holdings in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC boosted its position in The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider's stock worth $549,023,000 after purchasing an additional 2,382,552 shares during the period. Deutsche Bank AG boosted its position in The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock worth $800,884,000 after purchasing an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP increased its holdings in The PNC Financial Services Group by 50.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock valued at $700,305,000 after purchasing an additional 1,162,964 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on PNC shares. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. Citigroup upped their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. 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. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, Robert W. Baird boosted their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $252.24 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.13. The company has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. 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 firm's fifty day moving average price is $243.50 and its 200 day moving average price is $227.32.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.85 EPS. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is a positive change 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 payout ratio is presently 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company's stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

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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