B. Metzler seel. Sohn & Co. AG increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 18.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,533 shares of the financial services provider's stock after purchasing an additional 7,411 shares during the period. B. Metzler seel. Sohn & Co. AG's holdings in The PNC Financial Services Group were worth $11,457,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $7,921,455,000. Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $1,967,080,000. Bank of America Corp DE purchased a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $2,102,631,000. Viking Global Investors LP lifted its stake in The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $1,054,189,000. 83.53% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,654 shares of company stock valued at $1,627,011 over the last ninety days. Corporate insiders own 0.38% of the company's stock.
The PNC Financial Services Group Stock Performance
Shares of PNC opened at $242.71 on Thursday. The stock has a 50 day moving average price of $249.54 and a 200 day moving average price of $229.63. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $96.83 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 1.19 and a beta of 0.90.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm's quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.85 EPS. Research analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group's payout ratio is presently 44.03%.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on PNC. UBS Group lifted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. Royal Bank Of Canada raised their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Finally, Argus lifted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $265.73.
Check Out Our Latest Report on The PNC Financial Services Group
About The PNC Financial Services Group
(
Free Report)
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.
Read More
Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider The PNC Financial Services Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and The PNC Financial Services Group wasn't on the list.
While The PNC Financial Services Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Get This Free Report
