National Bank of Canada FI Buys 530,873 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

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 lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 157.1% during the 1st 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ignite Planners LLC lifted its position in shares of 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 valued at $262,000 after acquiring an additional 126 shares during the period. Exane Asset Management grew its position in 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 valued at $28,434,000 after buying an additional 37,110 shares during the period. Smith Salley Wealth Management boosted its position in The PNC Financial Services Group by 15.6% during the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock worth $12,804,000 after purchasing an additional 9,836 shares during the period. United Community Bank boosted its position in The PNC Financial Services Group by 687.0% during the first quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock worth $2,166,000 after purchasing an additional 10,759 shares during the period. Finally, Kingswood Wealth Advisors LLC boosted its position in shares of The PNC Financial Services Group by 4.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 120 shares during the period. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related 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 completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Price Performance

NYSE PNC traded up $2.93 during trading hours on Tuesday, reaching $191.46. 457,904 shares of the company's stock were exchanged, compared to its average volume of 2,355,823. The stock has a market cap of $75.40 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The firm has a fifty day moving average of $187.66 and a 200-day moving average of $179.66. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data 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 business 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 firm's revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.39 EPS. On average, equities research analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. 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 PNC Financial Services Group's payout ratio is presently 46.51%.

Analyst Upgrades and Downgrades

Several research analysts have commented on PNC shares. Barclays decreased their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Citigroup boosted their target price on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 price target for the company. Finally, Oppenheimer raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price 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 given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

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.