The PNC Financial Services Group, Inc (NYSE:PNC) Holdings Lifted by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in The PNC Financial Services Group by 172.9%, owning 56,708 shares valued at approximately $9.97 million.
• The company recently increased its dividend to $1.70 per share, resulting in an annualized yield of 3.6%, up from the previous $1.60 quarterly dividend.
• PNC's stock saw a 0.6% decrease and has a 52-week range between $145.12 and $216.26, with an average analyst rating of "Moderate Buy".

Connor Clark & Lunn Investment Management Ltd. grew its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 172.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 56,708 shares of the financial services provider's stock after purchasing an additional 35,926 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in The PNC Financial Services Group were worth $9,968,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after acquiring an additional 984 shares during the period. Rockefeller Capital Management L.P. lifted its stake in shares of The PNC Financial Services Group by 3.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 142,226 shares of the financial services provider's stock worth $27,416,000 after acquiring an additional 4,770 shares during the period. Townsquare Capital LLC lifted its stake in shares of The PNC Financial Services Group by 29.5% in the 4th quarter. Townsquare Capital LLC now owns 23,567 shares of the financial services provider's stock worth $4,545,000 after acquiring an additional 5,363 shares during the period. Sagespring Wealth Partners LLC acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $946,000. Finally, Advisors Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Advisors Capital Management LLC now owns 19,233 shares of the financial services provider's stock worth $3,709,000 after acquiring an additional 340 shares during the period. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PNC. Truist Financial upped their price target on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Bank of America upped their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Barclays cut their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Royal Bank Of Canada cut their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $214.17.

The PNC Financial Services Group Stock Down 0.6%

PNC stock opened at $188.52 on Tuesday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company's 50 day simple moving average is $187.66 and its 200-day simple moving average is $179.66. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $74.24 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.41 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.39 EPS. As a group, equities research 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were paid a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.6%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.41% of the company's stock.

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.

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