Truist Financial Corp Has $259.34 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Truist Financial increased its stake in The PNC Financial Services Group by 3.3% in Q4 to 1,242,483 shares, representing about $259.34 million or 0.32% of the company.
• Wall Street sentiment is broadly positive: MarketBeat shows an average rating of "Moderate Buy" with an average target of $241.72, and analysts' tallies include 1 Strong Buy, 14 Buy and 6 Hold ratings as several brokers raised price targets.
• PNC beat Q expectations with EPS $4.32 vs. $3.92 expected and revenue up 13.1% year-over-year, and it announced a quarterly dividend of $1.70 (3.1% yield).

Truist Financial Corp lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,242,483 shares of the financial services provider's stock after buying an additional 39,589 shares during the quarter. Truist Financial Corp owned about 0.32% of The PNC Financial Services Group worth $259,344,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PNC. Brighton Jones LLC lifted its stake in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC raised its stake in The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after purchasing an additional 170 shares in the last quarter. Sivia Capital Partners LLC raised its stake in The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after purchasing an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after purchasing an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC acquired a new stake in The PNC Financial Services Group in the 2nd quarter worth about $482,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PNC. Royal Bank Of Canada reiterated an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. TD Cowen lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. Finally, Bank of America lifted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research note 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $241.72.

Insider Activity

In other news, EVP Louis Robert Cestello sold 4,279 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. The trade was a 18.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares of the company's stock, valued at $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 over the last quarter. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $220.92 on Monday. The firm has a 50 day moving average of $213.91 and a 200-day moving average of $208.57. The stock has a market capitalization of $89.11 billion, a PE ratio of 12.84, a PEG ratio of 0.92 and a beta of 0.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00. The PNC Financial Services Group, Inc has a 12 month low of $163.11 and a 12 month high of $243.94.

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 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The company 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 business's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.51 EPS. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be given a $1.70 dividend. The ex-dividend date is Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group's payout ratio is presently 39.51%.

The PNC Financial Services Group Company 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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