Skandinaviska Enskilda Banken AB publ Acquires 3,200 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Skandinaviska Enskilda Banken AB publ has increased its stake in The PNC Financial Services Group to approximately $19.71 million, owning 112,131 shares after purchasing an additional 3,200 shares during the first quarter.
• The company's quarterly dividend has been raised from $1.60 to $1.70, representing an annualized dividend of $6.80 and a yield of 3.47%.
• The PNC Financial Services Group reported $3.85 earnings per share for the last quarter, exceeding consensus estimates by $0.29 and showing a 4.6% year-over-year increase in revenue.

Skandinaviska Enskilda Banken AB publ lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 112,131 shares of the financial services provider's stock after buying an additional 3,200 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in The PNC Financial Services Group were worth $19,709,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Franklin Resources Inc. lifted its stake in shares of The PNC Financial Services Group by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after buying an additional 549,278 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after buying an additional 1,964,157 shares during the last quarter. Northern Trust Corp raised its stake in The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after purchasing an additional 608,375 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in The PNC Financial Services Group by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock valued at $713,063,000 after purchasing an additional 186,249 shares during the period. Finally, Royal Bank of Canada boosted its holdings in The PNC Financial Services Group by 5.3% in the 4th quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock valued at $689,084,000 after purchasing an additional 179,760 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,460 shares of company stock worth $1,103,563. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $0.96 during trading hours on Wednesday, hitting $194.33. The stock had a trading volume of 511,817 shares, compared to its average volume of 2,405,602. The company's fifty day moving average is $184.89 and its two-hundred day moving average is $180.31. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $76.87 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 1.45 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. During the same quarter in the prior year, the firm earned $3.39 EPS. The firm's quarterly revenue was up 4.6% compared to the same quarter last year. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 annualized dividend and a dividend yield of 3.50%. The PNC Financial Services Group's dividend payout ratio is presently 46.51%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. JPMorgan Chase & Co. reduced their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Truist Financial increased their price target on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. Finally, Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target for the company in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.