The PNC Financial Services Group, Inc (NYSE:PNC) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp sold 30,879 shares of The PNC Financial Services Group, reducing its holdings by 9.4% in the first quarter of the year.
• Multiple research firms recently upgraded their ratings for PNC, with Raymond James moving from "market perform" to "outperform" and setting a $220.00 target price on the stock.
• The PNC Financial Services Group announced a quarterly dividend increase to $1.70 per share, reflecting a growing annualized dividend of $6.80.

Mackenzie Financial Corp reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 296,508 shares of the financial services provider's stock after selling 30,879 shares during the quarter. Mackenzie Financial Corp owned 0.07% of The PNC Financial Services Group worth $52,117,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ignite Planners LLC increased its position in The PNC Financial Services Group by 8.4% in 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 increased its position in The PNC Financial Services Group by 32.9% in the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after acquiring an additional 37,110 shares during the period. Smith Salley Wealth Management increased its position in The PNC Financial Services Group by 15.6% in the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock valued at $12,804,000 after acquiring an additional 9,836 shares during the period. United Community Bank increased its position in The PNC Financial Services Group by 687.0% in the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock valued at $2,166,000 after acquiring an additional 10,759 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its position in 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 acquiring an additional 120 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on PNC. Raymond James Financial upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price on the stock in a research report on Tuesday, July 8th. TD Cowen initiated coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 price target on the stock. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Bank of America lifted their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten 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 has a consensus rating of "Moderate Buy" and a consensus target price of $212.76.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Kieran John Fallon sold 1,492 shares of the firm'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 completion of the sale, the executive vice president owned 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the firm's 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 of the company's stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,460 shares of company stock valued at $1,103,563. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

PNC opened at $194.00 on Tuesday. The firm has a market cap of $76.74 billion, a PE ratio of 13.27, a P/E/G ratio of 1.46 and a beta of 1.07. The business has a fifty day simple moving average of $184.57 and a 200-day simple moving average of $180.22. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its 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 business had revenue of $3.01 billion during the quarter, compared to analysts' expectations 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 revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.39 earnings per share. As a group, equities analysts predict 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 firm also recently announced 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 represents a $6.80 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Tuesday, July 15th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

About The PNC Financial Services Group

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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