PNC Financial Services Group Inc. Purchases 10,612 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• The PNC Financial Services Group increased its ownership of its own shares by 0.7%, acquiring an additional 10,612 shares during the 1st quarter, bringing their total to 1,502,128 shares valued at approximately $264 million.
• Several institutional investors have significantly increased their stakes in The PNC Financial Services Group, with United Community Bank showing a remarkable increase of 687% in their holdings during the same period.
• Recently, The PNC Financial Services Group announced a quarterly dividend increase to $1.70 per share, reflecting a change from the previous $1.60, demonstrating its commitment to returning value to shareholders.

PNC Financial Services Group Inc. raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,502,128 shares of the financial services provider's stock after buying an additional 10,612 shares during the period. PNC Financial Services Group Inc. owned about 0.38% of The PNC Financial Services Group worth $264,029,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after acquiring an additional 1,964,157 shares during the last quarter. Leigh Baldwin & CO. LLC purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $299,864,000. GAMMA Investing LLC grew its position in shares of The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after buying an additional 608,375 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of The PNC Financial Services Group by 84.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 811,372 shares of the financial services provider's stock valued at $142,615,000 after buying an additional 372,323 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

Analysts Set New Price Targets

PNC has been the topic of several research analyst reports. Royal Bank Of Canada dropped their price objective 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 lowered 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. Citigroup increased their price objective on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a research note on Tuesday, July 8th. Finally, Truist Financial raised their target price 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. One equities research 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 data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Price Performance

NYSE PNC traded up $3.25 on Monday, hitting $189.13. 1,588,537 shares of the company were exchanged, compared to its average volume of 2,597,905. The firm has a 50 day moving average of $185.92 and a two-hundred day moving average of $180.06. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The company has a market cap of $74.81 billion, a P/E ratio of 12.94, a P/E/G ratio of 1.38 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share 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 analysts' expectations 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 business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the firm posted $3.39 earnings per share. On average, equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a $1.70 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group's payout ratio is 46.51%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,218 shares of company stock valued at $900,918. 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.