Border to Coast Pensions Partnership Ltd Grows Stock Position in The PNC Financial Services Group, Inc $PNC

Border to Coast Pensions Partnership Ltd boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 176,776 shares of the financial services provider’s stock after buying an additional 40,037 shares during the period. Border to Coast Pensions Partnership Ltd’s holdings in The PNC Financial Services Group were worth $36,898,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $1,967,080,000. Viking Global Investors LP increased its position in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC increased its position in The PNC Financial Services Group by 961.7% during the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock worth $549,023,000 after purchasing an additional 2,382,552 shares during the last quarter. Deutsche Bank AG raised its stake in The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after purchasing an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP raised its stake in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after purchasing an additional 1,162,964 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC opened at $245.61 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $249.01. The company has a 50 day moving average of $224.53 and a two-hundred day moving average of $219.12. The company has a market cap of $98.63 billion, a P/E ratio of 14.27, a P/E/G ratio of 1.00 and a beta of 0.92. 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 issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion for 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 for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.51 EPS. On average, 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. 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%.

Insider Buying and Selling at The PNC Financial Services Group

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

Analysts Set New Price Targets

A number of brokerages have weighed in on PNC. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Oppenheimer increased their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Barclays lifted their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. upped their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $247.39.

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.