The PNC Financial Services Group, Inc $PNC Shares Newly Purchased by Murphy Pohlad Asset Management LLC

Key Points

• Murphy Pohlad Asset Management purchased 11,863 PNC shares worth approximately $2.64 million in the third quarter. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• PNC reported quarterly EPS of $5.09, exceeding estimates of $4.91, while revenue rose 10.9% year over year to $6.60 billion. The company declared a quarterly dividend of $2.00 per share, equivalent to an annualized yield of 3.6%.
• PNC shares recently traded at $224.49, below the analyst consensus price target of $266.13. Analysts maintain a consensus “Moderate Buy” rating, with 17 Buy ratings and seven Holds.

Murphy Pohlad Asset Management LLC bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 11,863 shares of the financial services provider's stock, valued at approximately $2,637,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $7,921,455,000. State Street Corp increased its holdings in shares of The PNC Financial Services Group by 4.3% during the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider's stock worth $4,538,929,000 after acquiring an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $2,102,631,000. Deutsche Bank AG bought a new stake in The PNC Financial Services Group in the 2nd quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider's stock valued at $888,309,000 after acquiring an additional 39,112 shares during the period. Institutional investors own 83.53% of the company's stock.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction 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 trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

PNC stock traded down $1.04 during trading hours on Friday, hitting $224.49. 1,431,452 shares of the stock were exchanged, compared to its average volume of 2,170,116. The PNC Financial Services Group, Inc has a 12 month low of $177.08 and a 12 month high of $258.96. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $89.56 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.17 and a beta of 0.94. The company has a 50-day simple moving average of $232.07 and a two-hundred day simple moving average of $233.54.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company had revenue of $6.60 billion during the quarter, compared to analysts' expectations of $6.61 billion. During the same quarter in the previous year, the business posted $4.35 earnings per share. The PNC Financial Services Group's quarterly revenue was up 10.9% on a year-over-year basis. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be 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 is Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio is presently 42.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PNC shares. Barclays lifted their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Tuesday, October 13th. Morgan Stanley reduced their target price on shares of The PNC Financial Services Group from $278.00 to $273.00 and set an "equal weight" rating for the company in a report on Friday, October 16th. Keefe, Bruyette & Woods decreased their price target on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a "market perform" rating on the stock in a research note on Friday, October 16th. Finally, Truist Financial lowered their price target on shares of The PNC Financial Services Group from $252.00 to $248.00 and set a "hold" rating on the stock in a report on Monday, October 19th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $266.13.

The PNC Financial Services Group Profile

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

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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