Fjarde AP Fonden Fourth Swedish National Pension Fund Buys 33,650 Shares of The PNC Financial Services Group, Inc $PNC

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 57.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 92,633 shares of the financial services provider’s stock after purchasing an additional 33,650 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in The PNC Financial Services Group were worth $19,276,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PNC. Truist Financial Corp boosted its stake in shares of The PNC Financial Services Group by 3.3% during 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 purchasing an additional 39,589 shares during the period. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $13,711,000. Stoneridge Investment Partners LLC grew its holdings in shares of The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after buying an additional 8,818 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of The PNC Financial Services Group by 27.4% during the third quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock valued at $401,650,000 after acquiring an additional 430,261 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s 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 directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction 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 represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of several research analyst reports. Citigroup increased their price target on The PNC Financial Services Group from $255.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America upped their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. Barclays increased their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Finally, Truist Financial raised their price target on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $252.71.

The PNC Financial Services Group Trading Down 0.1%

PNC opened at $249.13 on Friday. The stock has a market capitalization of $100.04 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.02 and a beta of 0.91. The business has a fifty day moving average price of $226.89 and a 200 day moving average price of $220.62. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $254.00. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the previous year, the firm earned $3.51 earnings per share. The business’s revenue was up 13.1% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.82 earnings per share for the current fiscal year.

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.