SCS Capital Management LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

SCS Capital Management LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,744 shares of the financial services provider’s stock, valued at approximately $1,907,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PNC. Norges Bank acquired a new position in The PNC Financial Services Group in the 4th quarter worth about $1,967,080,000. Viking Global Investors LP grew its holdings in The PNC Financial Services Group by 234.9% in 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 purchasing an additional 5,581,102 shares during the period. Bank of New York Mellon Corp acquired a new stake in The PNC Financial Services Group in the second quarter valued at approximately $630,949,000. Corient Private Wealth LLC increased its position in shares of The PNC Financial Services Group by 961.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after buying an additional 2,382,552 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after buying an additional 1,994,431 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $256.91 on Monday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The business’s 50 day moving average price is $246.72 and its 200-day moving average price is $228.51. The firm has a market capitalization of $102.49 billion, a PE ratio of 14.14, a P/E/G ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.13.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the previous year, the business earned $3.85 earnings per share. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, equities research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PNC shares. Citigroup increased their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Stephens upped their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 51,654 shares of company stock worth $11,552,661 over the last three months. 0.38% of the stock is owned by corporate insiders.

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.