The PNC Financial Services Group, Inc $PNC Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its PNC stake by 4.5% in the second quarter, adding 90,398 shares to own 2.10 million shares valued at approximately $517.9 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also raised its quarterly dividend to $2.00 per share, producing a 3.6% yield.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $267.87. PNC shares opened at $224.06, down 1.7% in the reported session.

Envestnet Asset Management Inc. grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,103,553 shares of the financial services provider's stock after purchasing an additional 90,398 shares during the period. Envestnet Asset Management Inc. owned approximately 0.53% of The PNC Financial Services Group worth $517,936,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $7,921,455,000. State Street Corp increased its stake in shares of The PNC Financial Services Group by 4.3% in the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider's stock worth $4,538,929,000 after buying an additional 765,097 shares during the last quarter. Capital International Investors increased its stake in shares of The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock worth $2,491,819,000 after buying an additional 1,101,055 shares during the last quarter. Norges Bank acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at $1,967,080,000. Finally, Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock valued at $1,841,387,000 after acquiring an additional 30,078 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Trading Down 1.7%

The PNC Financial Services Group stock opened at $224.06 on Thursday. The firm's 50-day moving average is $246.01 and its 200-day moving average is $231.31. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a market cap of $89.38 billion, a P/E ratio of 12.33, a PEG ratio of 1.14 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the firm earned $3.85 EPS. The company's revenue for the quarter was up 21.4% compared to the same quarter last year. On average, equities analysts expect 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 business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is currently 44.03%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PNC shares. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Royal Bank Of Canada lifted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. boosted their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Finally, Truist Financial upped their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $267.87.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

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