The PNC Financial Services Group, Inc $PNC Shares Acquired by Mariner LLC

Key Points

• Mariner LLC boosted its PNC stake by 27.7% in the fourth quarter, adding 296,923 shares to bring its total to 1,369,062 shares valued at about $285.8 million.
• Wall Street remains upbeat on PNC, with analysts setting new price targets and the stock carrying a consensus rating of “Moderate Buy” and an average target of $243.11.
• PNC posted solid quarterly results, beating EPS estimates with $4.32 per share and also paying a quarterly dividend of $1.70 per share, equal to a 2.9% yield.

Mariner LLC raised its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 27.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,369,062 shares of the financial services provider's stock after purchasing an additional 296,923 shares during the quarter. Mariner LLC owned about 0.35% of The PNC Financial Services Group worth $285,791,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Quarry LP acquired a new position in The PNC Financial Services Group during the 3rd quarter valued at approximately $25,000. Modus Advisors LLC acquired a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $29,000. Beacon Financial Strategies CORP acquired a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $35,000. JPL Wealth Management LLC acquired a new position in The PNC Financial Services Group during the 3rd quarter valued at approximately $37,000. Finally, Financial Life Planners acquired a new position in The PNC Financial Services Group during the 3rd quarter valued at approximately $39,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PNC shares. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a "buy" rating and a $250.00 price target on the stock. Oppenheimer increased their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Finally, Truist Financial increased their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Stock Down 0.1%

NYSE:PNC opened at $237.51 on Monday. The firm has a market capitalization of $95.38 billion, a P/E ratio of 13.80, a PEG ratio of 0.99 and a beta of 0.92. The PNC Financial Services Group, Inc has a 1-year low of $172.73 and a 1-year high of $243.94. The company's fifty day moving average price is $220.85 and its 200-day moving average price is $216.30. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

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

The PNC Financial Services Group Announces Dividend

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

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.38% of the stock is currently owned by company insiders.

About The PNC Financial Services Group

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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