Avanza Fonder AB Has $6.13 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Avanza Fonder AB grew its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 15.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 30,504 shares of the financial services provider’s stock after acquiring an additional 4,009 shares during the period. Avanza Fonder AB’s holdings in The PNC Financial Services Group were worth $6,129,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Covea Finance acquired a new position in The PNC Financial Services Group in the third quarter valued at $6,430,000. Foresight Capital Management Advisors Inc. grew its stake in shares of The PNC Financial Services Group by 2.0% in the 3rd quarter. Foresight Capital Management Advisors Inc. now owns 18,538 shares of the financial services provider’s stock valued at $3,725,000 after buying an additional 370 shares during the period. CWM LLC increased its position in The PNC Financial Services Group by 75.0% in the 3rd quarter. CWM LLC now owns 128,929 shares of the financial services provider’s stock valued at $25,906,000 after buying an additional 55,258 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of The PNC Financial Services Group by 28.4% during the third quarter. Pacer Advisors Inc. now owns 41,270 shares of the financial services provider’s stock valued at $8,292,000 after acquiring an additional 9,116 shares in the last quarter. Finally, BSW Wealth Partners lifted its holdings in shares of The PNC Financial Services Group by 9.7% in the 3rd quarter. BSW Wealth Partners now owns 3,519 shares of the financial services provider’s stock worth $707,000 after purchasing an additional 310 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $213.48 on Friday. The firm has a market cap of $83.72 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.20 and a beta of 1.01. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The company’s 50 day moving average is $192.54 and its 200-day moving average is $193.35. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $214.59.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The business had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same period in the previous year, the business earned $3.49 EPS. The PNC Financial Services Group’s revenue was up 8.9% compared to the same quarter last year. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Analyst Ratings Changes

PNC has been the subject of a number of analyst reports. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, October 3rd. Evercore ISI raised their price target on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, Truist Financial increased their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $219.11.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the transaction, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by insiders.

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.