The PNC Financial Services Group, Inc $PNC Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 179.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,330,687 shares of the financial services provider’s stock after purchasing an additional 854,901 shares during the quarter. Assenagon Asset Management S.A.’s holdings in The PNC Financial Services Group were worth $276,903,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at about $25,000. Monetary Solutions Ltd acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $32,000. Finally, EFG International AG acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $33,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock worth $10,694,574 over the last quarter. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group started coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target for the company. Keefe, Bruyette & Woods lifted their price objective 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. Truist Financial boosted their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. Stephens started coverage on The PNC Financial Services Group in a report on Monday, June 15th. They issued an “overweight” rating and a $265.00 target price for the company. Finally, Morgan Stanley raised their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.72.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $239.76 on Thursday. The firm has a 50 day simple moving average of $223.59 and a 200-day simple moving average of $218.60. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $243.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market cap of $96.28 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The business 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 business’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.51 EPS. On average, analysts expect that The PNC Financial Services Group, Inc will post 18.81 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 2.8%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 39.51%.

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.