Covea Finance Buys New Position in The PNC Financial Services Group, Inc $PNC

Covea Finance bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 32,000 shares of the financial services provider’s stock, valued at approximately $6,430,000.

Other large investors also recently modified their holdings of the company. Avior Wealth Management LLC grew its stake in shares of The PNC Financial Services Group by 4.5% in the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 52 shares during the last quarter. Rockland Trust Co. boosted its holdings in The PNC Financial Services Group by 0.5% in the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock valued at $1,957,000 after purchasing an additional 53 shares during the period. Kennebec Savings Bank grew its position in The PNC Financial Services Group by 1.6% in the 3rd quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock worth $688,000 after purchasing an additional 54 shares during the last quarter. Almanack Investment Partners LLC. increased its holdings in shares of The PNC Financial Services Group by 2.3% during the 2nd quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 55 shares during the period. Finally, Winthrop Capital Management LLC raised its position in shares of The PNC Financial Services Group by 2.1% during the second quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock valued at $488,000 after buying an additional 55 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $213.48 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $83.72 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.20 and a beta of 1.01. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $214.59. The business has a 50 day simple moving average of $192.54 and a 200 day simple moving average of $193.35.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results 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 return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.82 billion. During the same period in the prior year, the business posted $3.49 earnings per share. The business’s revenue was up 8.9% compared to the same quarter last year. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNC. Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $215.00 to $228.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Truist Financial lifted their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday. Citigroup upped their target price on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Finally, Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $219.11.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Guild Deborah sold 1,080 shares of the business’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 value of $201,927.60. Following the completion of the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.41% of the company’s stock.

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.