&PARTNERS Increases Stock Holdings in The PNC Financial Services Group, Inc $PNC

&PARTNERS grew its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 10.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 318,508 shares of the financial services provider’s stock after buying an additional 31,354 shares during the quarter. &PARTNERS’s holdings in The PNC Financial Services Group were worth $66,500,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in PNC. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $1,967,080,000. Viking Global Investors LP boosted its stake in shares of 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 valued at $1,598,753,000 after acquiring an additional 5,581,102 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of 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 valued at $800,884,000 after acquiring an additional 1,994,431 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of 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 valued at $700,305,000 after acquiring an additional 1,162,964 shares during the last quarter. Finally, Capital International Investors boosted its stake in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PNC shares. Jefferies Financial Group started coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. Truist Financial increased their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. Bank of America increased 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. JPMorgan Chase & Co. increased their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Oppenheimer increased their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $246.72.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm’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 sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 1.8%

Shares of NYSE:PNC opened at $234.71 on Wednesday. The stock’s 50-day moving average price is $221.67 and its two-hundred day moving average price is $216.86. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 12-month low of $172.88 and a 12-month high of $243.94. The firm has a market cap of $94.25 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 0.96 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued 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 PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period last year, the company earned $3.51 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 18.79 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 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.