The PNC Financial Services Group, Inc (NYSE:PNC) Shares Bought by National Bank of Canada FI

Key Points

• National Bank of Canada FI has significantly increased its holdings in PNC Financial Services by 157.1%, owning 868,901 shares valued at approximately $152.7 million.
• PNC Financial Services recently reported an earnings per share (EPS) of $3.85, exceeding expectations, while also announcing a quarterly dividend increase from $1.60 to $1.70 per share.
• Current analyst ratings for PNC show a consensus of Moderate Buy with a target price of $214.17, indicating positive sentiment among analysts.

National Bank of Canada FI increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 157.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 868,901 shares of the financial services provider's stock after purchasing an additional 530,873 shares during the quarter. National Bank of Canada FI owned 0.22% of The PNC Financial Services Group worth $152,726,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNC. Ignite Planners LLC lifted its stake in The PNC Financial Services Group by 8.4% during the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock worth $262,000 after acquiring an additional 126 shares in the last quarter. Exane Asset Management grew its position in shares of The PNC Financial Services Group by 32.9% during the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock worth $28,434,000 after buying an additional 37,110 shares in the last quarter. Smith Salley Wealth Management grew its holdings in The PNC Financial Services Group by 15.6% during the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock worth $12,804,000 after acquiring an additional 9,836 shares in the last quarter. United Community Bank lifted its position in shares of The PNC Financial Services Group by 687.0% during the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock worth $2,166,000 after buying an additional 10,759 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC grew its position in shares of The PNC Financial Services Group by 4.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after buying an additional 120 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 0.7%

PNC stock opened at $187.17 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week 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 company has a market cap of $73.71 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.40 and a beta of 1.09. The company's 50-day moving average price is $187.05 and its 200 day moving average price is $180.04.

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 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The PNC Financial Services Group's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.39 earnings per share. On average, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Truist Financial upped 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. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. 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 company from $185.00 to $212.00 in a report on Wednesday, July 9th. Bank of America raised their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, TD Cowen began coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus price target of $214.17.

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 stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction on Monday, May 12th. The stock was 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. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,976 shares of company stock worth $693,765. 0.41% of the stock is owned by company insiders.

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.

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