Truist Financial Corp Increases Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Truist Financial Corp boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,156,136 shares of the financial services provider's stock after buying an additional 23,502 shares during the period. Truist Financial Corp owned approximately 0.29% of The PNC Financial Services Group worth $203,214,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. Mechanics Financial Corp acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $541,000. AssuredPartners Investment Advisors LLC bought a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $739,000. Premier Fund Managers Ltd lifted its stake in The PNC Financial Services Group by 38.3% in the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock valued at $9,511,000 after purchasing an additional 13,700 shares during the last quarter. PKS Advisory Services LLC bought a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $357,000. Finally, Kingswood Wealth Advisors LLC increased its position in The PNC Financial Services Group by 4.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 120 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $179.14, for a total value of $222,491.88. Following the completion of the transaction, the chief executive officer owned 556,121 shares of the company's stock, valued at $99,623,515.94. The trade was a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,787 shares of company stock valued at $1,782,794 in the last quarter. Corporate insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PNC. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Morgan Stanley dropped their price target on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Finally, HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their price target for the company from $206.00 to $202.00 in a research report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.35.

The PNC Financial Services Group Price Performance

NYSE:PNC traded down $0.61 during mid-day trading on Friday, hitting $195.10. 1,863,484 shares of the stock traded hands, compared to its average volume of 2,113,925. The business's 50-day moving average price is $175.83 and its 200 day moving average price is $179.98. The company has a market cap of $77.18 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The company had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.50 billion. On average, analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.49%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's payout ratio is currently 45.20%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.