QRG Capital Management Inc. Buys 29,597 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• QRG Capital Management increased its PNC stake by 56.8% in the second quarter, purchasing 29,597 additional shares and bringing its holdings to 81,704 shares valued at approximately $20.1 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also raised its quarterly dividend from $1.70 to $2.00, implying a 3.6% annualized yield.
• Analysts maintain a generally positive outlook, with PNC receiving a “Moderate Buy” consensus rating and an average price target of $267.87; shares recently opened at $224.06.

QRG Capital Management Inc. lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 56.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,704 shares of the financial services provider's stock after buying an additional 29,597 shares during the period. QRG Capital Management Inc.'s holdings in The PNC Financial Services Group were worth $20,117,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bank of America Corp DE bought a new position in The PNC Financial Services Group during the second quarter worth about $2,102,631,000. AMG National Trust Bank bought a new position in The PNC Financial Services Group during the second quarter worth about $30,557,000. The Manufacturers Life Insurance Company bought a new position in The PNC Financial Services Group during the second quarter worth about $69,078,000. Nykredit A S acquired a new stake in The PNC Financial Services Group in the 2nd quarter worth about $33,532,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $35,124,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PNC shares. Truist Financial increased their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Argus increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Oppenheimer raised their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average price target of $267.87.

The PNC Financial Services Group Stock Down 1.7%

Shares of NYSE:PNC opened at $224.06 on Thursday. The company has a fifty day moving average of $246.01 and a 200-day moving average of $231.31. The company has a market capitalization of $89.38 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.14 and a beta of 0.90. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the business posted $3.85 EPS. The PNC Financial Services Group's revenue for the quarter was up 21.4% on a year-over-year basis. On average, equities analysts predict 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. Shareholders of record on Monday, July 20th were given a $2.00 dividend. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.6%. The PNC Financial Services Group's dividend payout ratio is currently 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

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