The PNC Financial Services Group, Inc (NYSE:PNC) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in The PNC Financial Services Group by 1.0% during the first quarter, owning 172,674 shares worth approximately $30.35 million.
• The PNC Financial Services Group recently raised its quarterly dividend to $1.70, reflecting an annualized dividend of $6.80 and a dividend yield of 3.47%.
• Analysts have a consensus rating of "Moderate Buy" for PNC stock, with an average target price of $212.76, following various adjustments to target prices by multiple brokerages.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 172,674 shares of the financial services provider's stock after buying an additional 1,711 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in The PNC Financial Services Group were worth $30,351,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Cornerstone Planning Group LLC grew its position in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in The PNC Financial Services Group during the 1st quarter valued at approximately $35,000. REAP Financial Group LLC boosted its holdings in shares of The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares during the period. Hoey Investments Inc. purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $39,000. Finally, True Wealth Design LLC boosted its holdings in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares during the period. Institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

PNC has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Truist Financial boosted their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research report on Wednesday, July 9th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Citigroup boosted their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Barclays dropped their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Price Performance

NYSE PNC traded down $0.83 during trading hours on Thursday, reaching $191.72. The company's stock had a trading volume of 472,798 shares, compared to its average volume of 2,399,353. The firm has a market capitalization of $75.84 billion, a price-to-earnings ratio of 13.11, a P/E/G ratio of 1.44 and a beta of 1.07. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. 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 company's 50-day moving average is $185.29 and its two-hundred day moving average is $180.39.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $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 business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.55%. The PNC Financial Services Group's dividend payout ratio is 46.51%.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction 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 transaction, the executive vice president 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 disclosure for this sale can be found here. Insiders sold 6,460 shares of company stock valued at $1,103,563 over the last quarter. 0.41% of the stock is currently owned by company insiders.

About The PNC Financial Services Group

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.