The PNC Financial Services Group, Inc $PNC is Exane Asset Management’s 5th Largest Position

Exane Asset Management raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.8% during the third quarter, HoldingsChannel.com reports. The firm owned 140,190 shares of the financial services provider’s stock after buying an additional 3,815 shares during the quarter. The PNC Financial Services Group comprises 10.1% of Exane Asset Management’s investment portfolio, making the stock its 5th biggest position. Exane Asset Management’s holdings in The PNC Financial Services Group were worth $28,168,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. First Horizon Corp acquired a new position in The PNC Financial Services Group during the third quarter valued at approximately $8,360,000. Benjamin Edwards Inc. raised its stake in shares of The PNC Financial Services Group by 27.2% in the 3rd quarter. Benjamin Edwards Inc. now owns 24,763 shares of the financial services provider’s stock valued at $4,977,000 after acquiring an additional 5,294 shares during the period. Charter Oak Capital Management LLC acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $2,242,000. Cullen Capital Management LLC boosted its position in The PNC Financial Services Group by 3.8% during the 2nd quarter. Cullen Capital Management LLC now owns 204,875 shares of the financial services provider’s stock worth $38,193,000 after purchasing an additional 7,478 shares during the period. Finally, Harbour Investments Inc. boosted its position in The PNC Financial Services Group by 115.1% during the 2nd quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock worth $1,050,000 after purchasing an additional 3,013 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $223.69 on Wednesday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $227.78. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94. The stock has a market cap of $87.72 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99. The stock has a 50 day moving average of $208.11 and a 200-day moving average of $198.57.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the previous year, the firm earned $3.77 earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year. On average, analysts expect 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 business also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Oppenheimer boosted their price objective on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. 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 report on Thursday, December 18th. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Finally, UBS Group upped their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. One investment 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 company. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $231.00.

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.