Vista Investment Management Buys New Shares in The PNC Financial Services Group, Inc $PNC

Vista Investment Management bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 13,721 shares of the financial services provider’s stock, valued at approximately $3,378,000. The PNC Financial Services Group comprises 1.0% of Vista Investment Management’s portfolio, making the stock its 23rd largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Truist Financial Corp boosted its position in The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after buying an additional 39,589 shares during the last quarter. Vanguard Group Inc. increased its holdings in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares during the period. Stoneridge Investment Partners LLC raised its position in The PNC Financial Services Group by 59.1% during the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after buying an additional 8,818 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in The PNC Financial Services Group during the 4th quarter worth approximately $35,124,000. Finally, Empire Life Investments Inc. lifted its stake in The PNC Financial Services Group by 8.7% during the 4th quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock valued at $45,319,000 after acquiring an additional 17,418 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was 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 directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 over the last 90 days. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $243.05 on Friday. The firm has a market cap of $96.96 billion, a PE ratio of 13.38, a P/E/G ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve 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 business has a 50-day moving average price of $248.28 and a 200 day moving average price of $229.34.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results 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 company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.85 earnings per share. Sell-side analysts predict 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 given a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s payout ratio is 44.03%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Stephens upped their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Robert W. Baird raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Barclays upped their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Citigroup increased their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to 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.