The PNC Financial Services Group, Inc $PNC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its PNC stake by 6.3% in the first quarter, but still held 883,587 shares valued at about $183.9 million at the end of the period.
• PNC reported strong recent results, with quarterly EPS of $4.32 beating estimates, while revenue grew 13.1% year over year; analysts now expect full-year EPS of 18.83.
• The company raised its quarterly dividend to $2.00 per share from $1.70, implying an annualized dividend of $8.00 and a yield of 3.2%.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 883,587 shares of the financial services provider's stock after selling 59,224 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of The PNC Financial Services Group worth $183,866,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Truist Financial Corp increased its stake in shares of The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth $13,711,000. Stoneridge Investment Partners LLC boosted its holdings in The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock worth $4,953,000 after purchasing an additional 8,818 shares in the last quarter. Finally, Swiss Life Asset Management Ltd increased its position in The PNC Financial Services Group by 19.8% during the third quarter. Swiss Life Asset Management Ltd now owns 69,427 shares of the financial services provider's stock worth $13,950,000 after buying an additional 11,476 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the 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 of the company's stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNC. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Barclays increased their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Citigroup raised their price objective on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Finally, Truist Financial lifted their target price on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the company a "hold" rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $258.09.

The PNC Financial Services Group Trading Up 1.7%

Shares of PNC opened at $250.60 on Friday. 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 company has a market cap of $100.63 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.01 and a beta of 0.91. The stock has a fifty day moving average price of $229.24 and a two-hundred day moving average price of $221.84. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $256.00.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion during 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 PNC Financial Services Group's revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.51 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 18.83 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group's payout ratio is 39.51%.

More The PNC Financial Services Group News

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: UBS reiterated a Buy rating on PNC, which helps reinforce investor confidence ahead of earnings. UBS Keeps Bullish View on PNC, Reiterates Buy Rating
• Positive Sentiment: PNC announced a dividend boost, a shareholder-friendly move that can attract income-focused investors. PNC Financial Services Dividend Boost Draws Market Focus
• Positive Sentiment: PNC Bank rolled out a new mobile banking app, signaling continued investment in digital banking and customer retention. PNC Bank rolls out new mobile banking app
• Neutral Sentiment: PNC is approaching its July 15 earnings report, and Wall Street expects earnings growth, but some coverage suggests the setup is not ideal for a big upside surprise. The PNC Financial Services Group, Inc (PNC) Reports Next Week: Wall Street Expects Earnings Growth
• Neutral Sentiment: PNC shares have also been supported by the broader view that the stock has gained significantly over the past six months and may still have room to run if growth initiatives continue to pay off. PNC Financial Gains 14.3% in the Past 6 Months: How to Approach Now?
• Neutral Sentiment: Reports that PNC is among the banks considering a bid for Fiserv’s STAR debit network are strategic in nature, but the impact on PNC is still uncertain and depends on deal economics and regulatory approval. PNC (PNC) Is Eyeing Fiserv's STAR Network With 115 Million Cardholders

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.

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