The PNC Financial Services Group, Inc $PNC Stake Increased by Covea Finance

Covea Finance lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 51.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,600 shares of the financial services provider’s stock after buying an additional 16,600 shares during the period. Covea Finance’s holdings in The PNC Financial Services Group were worth $10,144,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PNC. Quarry LP purchased a new stake in The PNC Financial Services Group in the 3rd quarter worth about $25,000. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $34,000. JPL Wealth Management LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $37,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $39,000. Finally, Bayforest Capital Ltd lifted its position 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 in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the sale, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 64,186 shares of company stock worth $14,840,973 in the last quarter. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Down 0.2%

NYSE PNC opened at $201.71 on Friday. The stock’s 50 day simple moving average is $220.00 and its 200 day simple moving average is $205.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The firm has a market cap of $81.37 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.90 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.77 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio is 40.99%.

Analysts Set New Price Targets

Several research firms recently commented on PNC. Wells Fargo & Company raised their price target 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. TD Cowen upped their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their price target on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Finally, Truist Financial upped their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Fifteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $234.44.

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.