Leeward Financial Partners LLC Purchases New Position in The PNC Financial Services Group, Inc $PNC

Leeward Financial Partners LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,696 shares of the financial services provider’s stock, valued at approximately $664,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at $1,967,080,000. Viking Global Investors LP lifted its stake in The PNC Financial Services Group by 234.9% during the 3rd 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 during the period. Corient Private Wealth LLC boosted its holdings in shares of The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after acquiring an additional 2,382,552 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after acquiring an additional 1,994,431 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $256.91 on Friday. The firm’s 50 day moving average price is $246.72 and its 200-day moving average price is $228.45. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.13. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $102.49 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the firm posted $3.85 earnings per share. The firm’s revenue was up 21.4% compared to the same quarter last year. Equities research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 51,654 shares of company stock worth $11,552,661. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on PNC. Royal Bank Of Canada boosted their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. UBS Group raised their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. Finally, Robert W. Baird increased their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

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.