Ruffer LLP Raises Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Ruffer LLP increased its stake in The PNC Financial Services Group by 13.8% in Q4 to 150,102 shares valued at $31.38M, representing 1.4% of Ruffer’s portfolio and its 22nd-largest holding.
• PNC beat quarterly EPS estimates ($4.32 vs. $3.92) with revenue up 13.1% year-over-year (slightly below expectations) and announced a $1.70 quarterly dividend (3.0% yield), ex-dividend April 14 and payable May 5.
• Insiders sold a total of 64,186 shares worth $14.84M over the last quarter (including two EVP sales on Feb. 18), while institutional investors and hedge funds own roughly 83.5% of the company and insiders hold 0.38%.

Ruffer LLP boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 13.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 150,102 shares of the financial services provider's stock after purchasing an additional 18,193 shares during the period. The PNC Financial Services Group comprises 1.4% of Ruffer LLP's portfolio, making the stock its 22nd largest position. Ruffer LLP's holdings in The PNC Financial Services Group were worth $31,379,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in The PNC Financial Services Group by 12.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider's stock valued at $11,621,000 after purchasing an additional 6,572 shares during the last quarter. US Bancorp DE boosted its holdings in The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after purchasing an additional 34,009 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in The PNC Financial Services Group by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider's stock valued at $369,169,000 after purchasing an additional 22,325 shares during the last quarter. National Pension Service boosted its holdings in The PNC Financial Services Group by 2.5% in the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider's stock valued at $215,113,000 after purchasing an additional 26,305 shares during the last quarter. Finally, Savant Capital LLC boosted its holdings in The PNC Financial Services Group by 8.7% in the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider's stock valued at $17,672,000 after purchasing an additional 7,064 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 news, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares in the company, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president owned 18,867 shares in the company, valued at $4,415,066.67. The trade was a 18.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 over the last quarter. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Up 0.4%

Shares of The PNC Financial Services Group stock opened at $227.97 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00. The business's 50 day simple moving average is $215.20 and its 200-day simple moving average is $207.00. The stock has a market capitalization of $91.96 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.95 and a beta of 0.96. The PNC Financial Services Group, Inc has a twelve month low of $151.10 and a twelve month high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly 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 business had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business's quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.51 EPS. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.76 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business 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 dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

Wall Street Analyst Weigh In

A number of research firms have commented on PNC. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Truist Financial increased their target price 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. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Barclays increased their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $241.69.

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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