The PNC Financial Services Group, Inc $PNC Shares Purchased by First Trust Advisors LP

Key Points

• First Trust Advisors LP boosted its stake in PNC Financial Services by 8.3% in the first quarter, buying an additional 215,454 shares and bringing its holding to 2,816,605 shares worth about $586.1 million.
• PNC’s latest quarterly results topped expectations, with earnings of $4.85 per share versus the $4.46 consensus and revenue of $6.66 billion, up 21.4% from a year earlier.
• The company also raised its quarterly dividend to $2.00 per share, and analysts have generally turned constructive, with a consensus rating of “Moderate Buy” and an average price target of $265.50.

First Trust Advisors LP increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,816,605 shares of the financial services provider's stock after acquiring an additional 215,454 shares during the quarter. First Trust Advisors LP owned approximately 0.70% of The PNC Financial Services Group worth $586,107,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. State Street Corp lifted its stake in The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock valued at $3,615,085,000 after buying an additional 77,302 shares in the last quarter. Capital International Investors boosted its holdings in The PNC Financial Services Group by 10.2% in the 4th 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 purchased a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC raised its holdings in shares of The PNC Financial Services Group by 0.3% during the fourth 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 currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the firm'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 completion of the sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, 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. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock valued at $10,694,574 in the last three months. 0.38% of the stock is currently owned by insiders.

The PNC Financial Services Group Trading Up 0.1%

Shares of The PNC Financial Services Group stock opened at $250.37 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The stock's 50 day simple moving average is $234.58 and its 200-day simple moving average is $224.11. The stock has a market cap of $100.54 billion, a P/E ratio of 13.78, a P/E/G ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49.

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 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.66 billion during the quarter, compared to analysts' expectations of $6.51 billion. During the same quarter last year, the firm earned $3.85 earnings per share. The business's revenue for the quarter was up 21.4% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 19.14 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Stephens raised their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Wells Fargo & Company boosted their price target on 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. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Finally, Truist Financial upped their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average price target of $265.50.

The PNC Financial Services Group Profile

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.

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.