The PNC Financial Services Group, Inc $PNC is Equity Investment Corp's 9th Largest Position

Key Points

• Equity Investment Corp increased its stake in PNC by 1.2% in the fourth quarter, adding 7,600 shares to bring its total to 627,233 shares. PNC is now the fund’s 9th largest holding, representing about 2.6% of its portfolio.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, beating analyst estimates, while revenue rose 13.1% from a year earlier. Analysts currently rate the stock a Moderate Buy with an average price target of $243.11.
• The company recently paid a quarterly dividend of $1.70 per share, equal to an annualized yield of about 2.9%. However, insiders have also been selling shares, including an EVP and a director in recent transactions.

Equity Investment Corp grew its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 627,233 shares of the financial services provider's stock after buying an additional 7,600 shares during the quarter. The PNC Financial Services Group accounts for about 2.6% of Equity Investment Corp's investment portfolio, making the stock its 9th largest holding. Equity Investment Corp owned about 0.16% of The PNC Financial Services Group worth $130,922,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PNC. US Bancorp DE raised its position in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after acquiring an additional 34,009 shares in the last quarter. Truist Financial Corp raised its position in shares of The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock valued at $259,344,000 after acquiring an additional 39,589 shares in the last quarter. Vanguard Group Inc. raised its position in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $13,711,000. Finally, First Trust Advisors LP raised its position in shares of The PNC Financial Services Group by 27.4% during the 3rd quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider's stock valued at $401,650,000 after acquiring an additional 430,261 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNC has been the topic of several research reports. Royal Bank Of Canada reissued an "outperform" rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Oppenheimer increased their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Truist Financial increased their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a "buy" rating and a $250.00 target price on the stock. Finally, Citigroup increased their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $243.11.

The PNC Financial Services Group Stock Performance

PNC stock opened at $234.12 on Friday. The company has a market capitalization of $94.02 billion, a P/E ratio of 13.60, a PEG ratio of 0.96 and a beta of 0.92. The company has a 50-day simple moving average of $220.29 and a 200 day simple moving average of $215.95. The PNC Financial Services Group, Inc has a fifty-two week low of $172.73 and a fifty-two week high of $243.94. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group's revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.51 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is presently 39.51%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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