Thrivent Financial for Lutherans Acquires 20,347 Shares of The PNC Financial Services Group, Inc $PNC

Thrivent Financial for Lutherans boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 80.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 45,717 shares of the financial services provider’s stock after purchasing an additional 20,347 shares during the period. Thrivent Financial for Lutherans’ holdings in The PNC Financial Services Group were worth $9,554,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. Viking Global Investors LP raised its position in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Wellington Management Group LLP raised its position in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after acquiring an additional 1,162,964 shares in the last quarter. AQR Capital Management LLC raised its position in The PNC Financial Services Group by 32.6% during the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock valued at $889,297,000 after acquiring an additional 1,086,941 shares in the last quarter. Capital International Investors raised its position in The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after acquiring an additional 609,755 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $123,940,000. Institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Down 0.2%

Shares of PNC stock opened at $213.24 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $169.32 and a 1 year high of $243.94. The firm’s fifty day simple moving average is $213.63 and its 200 day simple moving average is $211.19. The firm has a market capitalization of $85.63 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 0.89 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 1.05.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. 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 previous year, the firm posted $3.51 earnings per share. The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is 39.51%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PNC shares. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. lifted their price target on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research report 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 assigned a Hold rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $243.11.

About The PNC Financial Services Group

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.