Aristotle Atlantic Partners LLC Buys New Stake in The PNC Financial Services Group, Inc $PNC

Aristotle Atlantic Partners LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,000 shares of the financial services provider’s stock, valued at approximately $624,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PNC. Vanguard Group Inc. grew its holdings in shares of The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. State Street Corp increased its stake in The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after buying an additional 77,302 shares during the period. Capital International Investors lifted its holdings in The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC boosted its position in The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after buying an additional 30,078 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 0.5%

NYSE:PNC opened at $250.59 on Friday. The stock has a 50-day simple moving average of $236.91 and a 200-day simple moving average of $224.87. The stock has a market cap of $100.63 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The business had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.85 EPS. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company’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 completion of the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PNC. Truist Financial increased their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. Royal Bank Of Canada lifted their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Oppenheimer upped their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, Argus increased their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.48.

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.