Resources Management Corp CT ADV Increases Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Resources Management Corp CT ADV increased its PNC stake by 593.8% in the fourth quarter, ending with 24,602 shares valued at about $5.1 million.
• Several other large institutional investors also boosted or initiated positions in PNC, and hedge funds and institutions now own 83.53% of the company’s stock.
• PNC reported better-than-expected quarterly earnings of $4.32 per share and continues to draw mostly positive analyst sentiment, with a Moderate Buy consensus and an average price target of $243.11.

Resources Management Corp CT ADV grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 593.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,602 shares of the financial services provider's stock after acquiring an additional 21,056 shares during the quarter. Resources Management Corp CT ADV's holdings in The PNC Financial Services Group were worth $5,135,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PNC. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,967,080,000. Viking Global Investors LP boosted 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 during the last quarter. Deutsche Bank AG boosted its holdings in shares of 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 valued at $800,884,000 after acquiring an additional 1,994,431 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of The PNC Financial Services Group by 50.1% during 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 acquiring an additional 1,162,964 shares during the last quarter. Finally, Capital International Investors boosted its holdings in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm'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 transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm'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 transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PNC. Bank of America raised their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Finally, Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective on the stock. One equities research 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 company's stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average target price of $243.11.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $237.51 on Monday. The firm's 50 day moving average price is $220.85 and its 200-day moving average price is $216.30. The PNC Financial Services Group, Inc has a twelve month low of $172.73 and a twelve month high of $243.94. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $95.38 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the prior year, the business earned $3.51 EPS. The business's quarterly revenue was up 13.1% on a year-over-year basis. Equities research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid 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 2.9%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

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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