Lansforsakringar Fondforvaltning AB publ Acquires 3,341 Shares of The PNC Financial Services Group, Inc $PNC

Lansforsakringar Fondforvaltning AB publ lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.8% in the third quarter, HoldingsChannel reports. The fund owned 124,389 shares of the financial services provider’s stock after buying an additional 3,341 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in The PNC Financial Services Group were worth $24,993,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Westfuller Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the third quarter valued at approximately $34,000. True Wealth Design LLC boosted its holdings in shares of The PNC Financial Services Group by 1,133.3% during the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 204 shares during the period. Bayforest Capital Ltd grew its stake in shares of The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the last quarter. Corundum Trust Company INC purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $49,000. Finally, Country Trust Bank grew its position in shares of The PNC Financial Services Group by 38.9% in the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after buying an additional 68 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PNC shares. Royal Bank Of Canada lifted their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Keefe, Bruyette & Woods boosted their price objective 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 note on Tuesday, January 20th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Truist Financial lifted their price objective on 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. Finally, Oppenheimer increased their target price 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. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.44.

Insiders Place Their Bets

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares of the company’s stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the transaction, the executive vice president directly owned 1,942 shares in the company, valued at approximately $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 14,186 shares of company stock worth $3,296,973 over the last quarter. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $232.95 on Monday. The firm has a market cap of $91.35 billion, a PE ratio of 14.04, a P/E/G ratio of 0.97 and a beta of 0.99. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $243.94. 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 firm has a fifty day simple moving average of $221.41 and a two-hundred day simple moving average of $203.50.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the prior year, the firm earned $3.77 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is currently 40.99%.

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.