The PNC Financial Services Group, Inc $PNC Shares Acquired by Saudi Central Bank

Key Points

• Saudi Central Bank nearly doubled its PNC stake in the second quarter, increasing holdings by 95.5% to 28,140 shares valued at approximately $6.93 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• PNC reported stronger-than-expected quarterly results, with earnings of $4.85 per share and revenue of $6.88 billion, representing 21.4% year-over-year growth. The company also raised its quarterly dividend to $2.00 per share, or $8.00 annually.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $265.73, compared with shares recently opening at $245.64.

Saudi Central Bank grew its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 95.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,140 shares of the financial services provider's stock after acquiring an additional 13,745 shares during the quarter. Saudi Central Bank's holdings in The PNC Financial Services Group were worth $6,929,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PNC. Brighton Jones LLC grew its holdings in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after buying an additional 170 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after buying an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after acquiring an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in The PNC Financial Services Group during the second quarter worth about $482,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $245.64 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The firm's 50-day moving average is $249.54 and its two-hundred day moving average is $229.85. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a market capitalization of $98.00 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business's revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.85 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's payout ratio is currently 44.03%.

Analyst Ratings Changes

PNC has been the subject of several research reports. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective for the company. in a research note on Thursday, July 23rd. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a report on Thursday, July 16th. Argus upped their price target 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. Royal Bank Of Canada increased their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Finally, Citigroup lifted their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $265.73.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Thomas sold 1,500 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of the 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 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. Corporate insiders own 0.38% of the company's stock.

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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