ProShare Advisors LLC Buys 4,790 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• ProShare Advisors LLC increased its stake in PNC by 6.1% in the fourth quarter, adding 4,790 shares and bringing its total holding to 83,807 shares valued at about $17.5 million.
• PNC insiders and analysts sent mixed signals: CEO William S. Demchak sold 50,000 shares, while Wall Street remains broadly positive with a consensus rating of Moderate Buy and an average price target of $243.11.
• The company reported strong quarterly earnings, with EPS of $4.32 beating estimates, and it also paid a quarterly dividend of $1.70 per share, implying an annualized yield of 3.1%.

ProShare Advisors LLC lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 6.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 83,807 shares of the financial services provider's stock after purchasing an additional 4,790 shares during the quarter. ProShare Advisors LLC's holdings in The PNC Financial Services Group were worth $17,493,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Quarry LP acquired a new stake in The PNC Financial Services Group during the third quarter worth about $25,000. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $34,000. Beacon Financial Strategies CORP acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $35,000. JPL Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $37,000. Finally, Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 50,000 shares of the business'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 sale, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. The trade was a 8.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PNC shares. Bank of America lifted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Citigroup raised their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 8th. Morgan Stanley lifted their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Truist Financial boosted their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $216.96 on Thursday. The PNC Financial Services Group, Inc has a one year low of $169.32 and a one year high of $243.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market cap of $87.13 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.88 and a beta of 0.94. The firm has a 50 day simple moving average of $213.87 and a 200 day simple moving average of $211.44.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company's revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.51 earnings per share. Research analysts predict 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 was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's payout ratio is currently 39.51%.

The PNC Financial Services Group Company 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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