PFA Pension Forsikringsaktieselskab Invests $123.94 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• PFA Pension Forsikringsaktieselskab opened a new position in The PNC Financial Services Group, buying 587,226 shares valued at about $123.94 million, roughly 0.15% of the company.
• Wall Street shows a consensus Moderate Buy on PNC with an average price target of $241.72 after multiple firms raised targets and issued buy/hold ratings.
• PNC beat recent quarterly EPS expectations ($4.32 vs. $3.92), delivered 13.1% year-over-year revenue growth to $6.17 billion, and declared a $1.70 quarterly dividend (about a 3.1% yield).

PFA Pension Forsikringsaktieselskab purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 587,226 shares of the financial services provider's stock, valued at approximately $123,940,000. PFA Pension Forsikringsaktieselskab owned approximately 0.15% of The PNC Financial Services Group at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PNC. Quarry LP bought a new position in The PNC Financial Services Group during the third quarter valued at approximately $25,000. Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $35,000. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group during the third quarter valued at approximately $34,000. JPL Wealth Management LLC bought a new position in The PNC Financial Services Group during the third quarter valued at approximately $37,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group during the third quarter valued at approximately $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PNC shares. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a "buy" rating and a $250.00 price objective on the stock. Truist Financial raised their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. TD Cowen raised their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $241.72.

The PNC Financial Services Group Trading Down 0.9%

NYSE:PNC opened at $220.92 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $163.11 and a 12 month high of $243.94. The firm has a market cap of $89.11 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 0.92 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00. The company's 50 day moving average is $213.91 and its 200-day moving average is $208.29.

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

The PNC Financial Services Group Announces Dividend

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

Insider Activity

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares of the company's stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Profile

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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