Equity Investment Corp Makes New Investment in The PNC Financial Services Group, Inc $PNC

Equity Investment Corp acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 616,797 shares of the financial services provider’s stock, valued at approximately $151,868,000. The PNC Financial Services Group accounts for 2.9% of Equity Investment Corp’s investment portfolio, making the stock its 8th largest position. Equity Investment Corp owned about 0.15% of The PNC Financial Services Group at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the fourth quarter valued at about $29,000. Financial Life Planners bought a new stake in The PNC Financial Services Group in the first quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC raised its position in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 71 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Down 0.0%

Shares of PNC opened at $254.43 on Wednesday. The stock’s fifty day simple moving average is $247.74 and its 200-day simple moving average is $228.96. The firm has a market capitalization of $101.50 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. 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 PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.51 billion. During the same period last year, the company earned $3.85 earnings per share. The company’s revenue was up 21.4% on a year-over-year basis. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share 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 given 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 positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PNC. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Truist Financial upped their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Robert W. Baird lifted their price objective 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. Finally, Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

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.