Russell Investments Group Ltd. Acquires 34,786 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Russell Investments Group Ltd. increased its stake in The PNC Financial Services Group by 19.8%, owning 210,585 shares valued at approximately $36.86 million, highlighting significant institutional interest in the company.
• The PNC Financial Services Group recently reported $3.85 earnings per share (EPS) for the quarter, surpassing analysts' estimates and representing a 4.6% revenue increase year-over-year.
• The company announced a quarterly dividend increase to $1.70 per share, reflecting a dividend yield of 3.5% and a payout ratio of 46.51%.

Russell Investments Group Ltd. increased its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 19.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 210,585 shares of the financial services provider's stock after purchasing an additional 34,786 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.05% of The PNC Financial Services Group worth $36,855,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. True Wealth Design LLC raised its holdings in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 59 shares during the period. Cornerstone Planning Group LLC boosted its position in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after acquiring an additional 65 shares in the last quarter. WealthPLAN Partners LLC boosted its position in shares of The PNC Financial Services Group by 0.5% during the 1st quarter. WealthPLAN Partners LLC now owns 12,629 shares of the financial services provider's stock worth $2,220,000 after acquiring an additional 66 shares in the last quarter. Y.D. More Investments Ltd lifted its stake in The PNC Financial Services Group by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 559 shares of the financial services provider's stock valued at $98,000 after purchasing an additional 68 shares during the last quarter. Finally, Spire Wealth Management lifted its stake in The PNC Financial Services Group by 2.2% in the 1st quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider's stock valued at $573,000 after purchasing an additional 69 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research note on Wednesday, July 9th. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their target price for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Citigroup raised their price target on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Raymond James Financial upgraded 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. Finally, Oppenheimer upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price target for the company in a report on Wednesday, July 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $214.17.

The PNC Financial Services Group Stock Down 1.7%

The PNC Financial Services Group stock traded down $3.27 during midday trading on Friday, hitting $191.30. 1,300,358 shares of the stock were exchanged, compared to its average volume of 1,681,907. 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 $75.34 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The business's 50-day moving average price is $188.97 and its 200-day moving average price is $179.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly 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 analysts' expectations of $5.61 billion. During the same period in the previous year, the company earned $3.39 earnings per share. The firm's revenue for the quarter was up 4.6% compared to the same quarter last year. On average, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal 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 given a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 15th. The PNC Financial Services Group's payout ratio is presently 46.51%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Company Profile

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.