The PNC Financial Services Group, Inc $PNC Shares Purchased by State Street Corp

Key Points

• State Street Corp increased its PNC stake by 0.4% in the fourth quarter, bringing its holdings to 17.3 million shares valued at about $3.62 billion. Institutional ownership remains high, with hedge funds and other investors owning 83.53% of the stock.
• PNC beat earnings expectations in its latest quarterly report, posting $4.32 EPS versus the $3.92 consensus estimate. Revenue rose 13.1% year over year to $6.17 billion, though it slightly missed analysts’ revenue forecast.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average target price of $243.11. Recent research firms also raised price targets, while insiders disclosed notable share sales by a director and an EVP.

State Street Corp boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,319,434 shares of the financial services provider's stock after acquiring an additional 77,302 shares during the period. State Street Corp owned 4.42% of The PNC Financial Services Group worth $3,615,085,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. Capital International Investors raised its holdings in 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 valued at $2,491,819,000 after acquiring an additional 1,101,055 shares in 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. Geode Capital Management LLC raised its holdings in The PNC Financial Services Group by 0.3% in 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 in the last quarter. Finally, Franklin Resources Inc. raised its holdings in The PNC Financial Services Group by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 8,031,778 shares of the financial services provider's stock valued at $1,676,473,000 after acquiring an additional 71,606 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PNC. Truist Financial upped their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a report on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and set a $235.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Keefe, Bruyette & Woods increased 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 report on Thursday, April 16th. Weiss Ratings reissued a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Finally, Bank of America increased their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $243.11.

The PNC Financial Services Group Stock Up 1.5%

Shares of NYSE:PNC opened at $237.51 on Friday. The stock has a market capitalization of $95.38 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 0.97 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 is $220.85 and its two-hundred day moving average is $216.10. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company earned $3.51 earnings per share. Equities 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. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group's dividend payout ratio is currently 39.51%.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction dated 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is currently owned by corporate 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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