Y Intercept Hong Kong Ltd Makes New Investment in The PNC Financial Services Group, Inc $PNC

Y Intercept Hong Kong Ltd acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 19,747 shares of the financial services provider’s stock, valued at approximately $4,109,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Monetary Solutions Ltd bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $25,000. Quarry LP bought a new position in The PNC Financial Services Group during the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group during the 4th quarter valued at about $29,000. Financial Life Planners purchased a new stake in The PNC Financial Services Group in the 1st quarter worth about $31,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Morgan Stanley raised their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective for the company. Finally, Truist Financial upped their price objective on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $252.71.

Insider Transactions at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the firm’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 transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $249.13 on Monday. The company has a market capitalization of $100.04 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.02 and a beta of 0.91. The company’s 50-day simple moving average is $226.89 and its two-hundred day simple moving average is $220.69. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year 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 announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.51 earnings per share. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.82 EPS for the current year.

The PNC Financial Services Group 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.