Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Zurcher Kantonalbank increased its stake in The PNC Financial Services Group by 8.9% in Q4 to 102,244 shares, valued at about $21.34 million.
• Insiders sold a total of 64,186 shares (~$14.84 million) in the past 90 days, including CEO William S. Demchak's sale of 50,000 shares and EVP Louis Cestello's sale of 4,279 shares.
• PNC beat quarterly EPS estimates ($4.32 vs. $3.92), reported revenue up 13.1% year-over-year, and announced a quarterly dividend of $1.70 (a 3.0% yield).

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 102,244 shares of the financial services provider's stock after buying an additional 8,394 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in The PNC Financial Services Group were worth $21,341,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $25,000. Westfuller Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $34,000. Beacon Financial Strategies CORP purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth approximately $35,000. JPL Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $37,000. Finally, Financial Life Planners purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $39,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares of the company's stock, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 in the last 90 days. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $227.97 on Wednesday. The PNC Financial Services Group, Inc has a 52 week low of $151.10 and a 52 week high of $243.94. The business's fifty day simple moving average is $215.20 and its 200-day simple moving average is $207.00. The firm has a market cap of $91.96 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 0.95 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly 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 PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the company posted $3.51 EPS. The company's quarterly revenue was up 13.1% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc will post 18.76 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

Analyst Ratings Changes

Several analysts recently commented on the company. Royal Bank Of Canada reiterated an "outperform" rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Truist Financial boosted their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. TD Cowen upped their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, January 20th. Morgan Stanley upped their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. decreased their price target on The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $241.69.

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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