Quantinno Capital Management LP Raises Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Quantinno Capital Management increased its PNC stake by 77.7% in the first quarter, purchasing 124,480 additional shares and bringing its holdings to 284,670 shares valued at approximately $59.2 million. Institutional investors and hedge funds own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.66 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.73.
• PNC raised its quarterly dividend from $1.70 to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.2% yield. Despite the dividend increase, insiders sold 48,300 shares worth roughly $10.7 million in the latest quarter.

Quantinno Capital Management LP boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 77.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 284,670 shares of the financial services provider's stock after purchasing an additional 124,480 shares during the quarter. Quantinno Capital Management LP owned about 0.07% of The PNC Financial Services Group worth $59,237,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock valued at $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after purchasing an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina boosted its stake in The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after buying an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $482,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $248.46 on Thursday. The stock has a market capitalization of $99.77 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $256.49. The firm's 50 day moving average is $239.02 and its 200-day moving average is $225.62. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the business earned $3.85 earnings per share. The firm's revenue was up 21.4% compared to the same quarter last year. Equities research analysts anticipate 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date is Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group's dividend payout ratio is presently 44.03%.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price for the company. in a report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a research report on Wednesday. Truist Financial upped their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $265.73.

Insiders Place Their Bets

In related news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 in the last quarter. 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, 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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