XTX Topco Ltd Grows Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• XTX Topco Ltd increased its holdings in The PNC Financial Services Group by 193.9%, owning 23,677 shares valued at approximately $4.16 million as of its latest SEC filing.
• Analysts have given The PNC Financial Services Group a consensus rating of "Moderate Buy" with a target price of $212.76, after several upgrades from firms like Citigroup and HSBC.
• The company recently declared a quarterly dividend of $1.70 per share, up from $1.60, indicating a strong return to investors with an annualized yield of 3.51%.

XTX Topco Ltd raised its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 193.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,677 shares of the financial services provider's stock after buying an additional 15,620 shares during the quarter. XTX Topco Ltd's holdings in The PNC Financial Services Group were worth $4,162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its position in shares of The PNC Financial Services Group by 0.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider's stock worth $1,288,000 after acquiring an additional 59 shares during the period. True Wealth Design LLC boosted its stake in The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 59 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 65 shares in the last quarter. KCM Investment Advisors LLC boosted its stake in The PNC Financial Services Group by 3.9% in the fourth quarter. KCM Investment Advisors LLC now owns 1,828 shares of the financial services provider's stock valued at $353,000 after acquiring an additional 68 shares in the last quarter. Finally, Spire Wealth Management raised its holdings in shares of The PNC Financial Services Group by 2.2% in the first quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider's stock worth $573,000 after buying an additional 69 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PNC shares. Truist Financial raised their price target on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and raised their target price for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a report on Tuesday, July 8th. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Stock Down 1.3%

Shares of NYSE PNC traded down $2.42 during midday trading on Thursday, hitting $190.13. The company's stock had a trading volume of 1,669,288 shares, compared to its average volume of 2,475,639. The business's fifty day simple moving average is $185.29 and its two-hundred day simple moving average is $180.39. The firm has a market capitalization of $75.21 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.43 and a beta of 1.07. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.39 earnings per share. On average, equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

Insiders Place Their Bets

In other news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,460 shares of company stock worth $1,103,563 over the last 90 days. Company insiders own 0.41% of the company's stock.

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.