Aigen Investment Management LP Acquires 24,864 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Aigen Investment Management LP increased its stake in The PNC Financial Services Group by 525.8% in the first quarter, owning 29,593 shares worth approximately $5.2 million.
• Several analysts recently updated their ratings on PNC, with Goldman Sachs raising the target price from $178 to $196 and Raymond James upgrading to an "outperform" rating with a $220 target.
• The PNC Financial Services Group announced a quarterly dividend of $1.70 per share, increasing from the previous $1.60, resulting in an annualized yield of 3.6%.

Aigen Investment Management LP grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 525.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,593 shares of the financial services provider's stock after purchasing an additional 24,864 shares during the period. The PNC Financial Services Group makes up about 0.8% of Aigen Investment Management LP's portfolio, making the stock its 6th biggest position. Aigen Investment Management LP's holdings in The PNC Financial Services Group were worth $5,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of PNC. Cornerstone Planning Group LLC raised its position in 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 valued at $34,000 after purchasing an additional 65 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in The PNC Financial Services Group during the 1st quarter worth $35,000. REAP Financial Group LLC grew its stake in The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after buying an additional 80 shares during the last quarter. True Wealth Design LLC grew its stake in The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in The PNC Financial Services Group during the 1st quarter worth $41,000. 83.53% of the stock is owned by institutional investors.

Insider Activity

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

The PNC Financial Services Group Trading Up 1.4%

The PNC Financial Services Group stock traded up $2.70 during mid-day trading on Tuesday, hitting $191.23. The company's stock had a trading volume of 1,679,222 shares, compared to its average volume of 1,984,285. The firm has a market capitalization of $75.31 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.40 and a beta of 1.09. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The stock's fifty day moving average is $187.96 and its two-hundred day moving average is $179.74.

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 EPS for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same period last year, the business posted $3.39 earnings per share. The company's quarterly revenue was up 4.6% on a year-over-year basis. 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group's payout ratio is 46.51%.

Analyst Upgrades and Downgrades

PNC has been the topic of several research analyst reports. Royal Bank Of Canada dropped their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Barclays decreased their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Truist Financial increased their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research report on Wednesday, July 9th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, TD Cowen began coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They set a "buy" rating and a $233.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $214.17.

The PNC Financial Services Group 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.