Auto Owners Insurance Co Acquires 1,038,650 Shares of The PNC Financial Services Group, Inc $PNC

Auto Owners Insurance Co grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 20,773.0% in the 4th quarter, HoldingsChannel reports. The fund owned 1,043,650 shares of the financial services provider’s stock after buying an additional 1,038,650 shares during the period. Auto Owners Insurance Co’s holdings in The PNC Financial Services Group were worth $217,841,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE boosted its holdings in The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after buying an additional 34,009 shares during the period. Truist Financial Corp raised its stake in shares of The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares during the period. Vanguard Group Inc. lifted its holdings in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter worth about $13,711,000. Finally, Stoneridge Investment Partners LLC boosted its stake in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after purchasing an additional 8,818 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Up 0.1%

Shares of NYSE:PNC opened at $232.39 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $176.16 and a 52-week high of $243.94. The stock has a market cap of $93.32 billion, a P/E ratio of 13.50, a PEG ratio of 0.95 and a beta of 0.92. The business has a fifty day moving average of $222.68 and a two-hundred day moving average of $217.55. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.51 EPS. On average, research analysts expect that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th 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 was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is 39.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of a number of research reports. Citigroup raised their price target on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. Bank of America boosted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Truist Financial upped their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $246.72.

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.