The PNC Financial Services Group, Inc $PNC Stake Boosted by NewEdge Advisors LLC

NewEdge Advisors LLC boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 103.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,411 shares of the financial services provider’s stock after buying an additional 31,255 shares during the period. NewEdge Advisors LLC’s holdings in The PNC Financial Services Group were worth $12,779,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNC. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $1,967,080,000. Viking Global Investors LP lifted its holdings in shares of 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 in the last quarter. Corient Private Wealth LLC raised its position in The PNC Financial Services Group by 961.7% during 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 during the period. Deutsche Bank AG lifted its stake in The PNC Financial Services Group by 108.2% in the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after acquiring an additional 1,994,431 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in The PNC Financial Services Group by 50.1% during the 3rd 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 institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was 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 in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated 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 sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,300 shares of company stock valued at $10,694,574 over the last quarter. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Down 0.2%

PNC opened at $252.24 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.00 and a beta of 0.91. The business has a 50 day moving average of $243.50 and a 200-day moving average of $227.32. 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 posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the firm posted $3.85 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. As a group, sell-side analysts anticipate 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. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is an increase 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 yield of 3.2%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PNC shares. Stephens raised their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. 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 research report on Thursday, July 16th. Barclays boosted their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Truist Financial upped their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.