Bank of New York Mellon Corp Sells 117,508 Shares of The PNC Financial Services Group, Inc $PNC

Bank of New York Mellon Corp trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,575,486 shares of the financial services provider’s stock after selling 117,508 shares during the quarter. Bank of New York Mellon Corp owned about 0.64% of The PNC Financial Services Group worth $535,933,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PNC. Brighton Jones LLC lifted its position in The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC grew its holdings in The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after purchasing an additional 170 shares during the last quarter. Sivia Capital Partners LLC increased its position in shares of The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after purchasing an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after purchasing an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $482,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group News Summary

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: Several firms raised their price targets on PNC after the bank reported better-than-expected Q2 earnings, revenue, and record revenue from stronger capital markets activity and loan growth. Analyst target raise coverage
• Positive Sentiment: Analysts at Wells Fargo, Barclays, Oppenheimer, Robert W. Baird, Argus, RBC, Stephens, and Truist all lifted targets, with several maintaining bullish ratings such as overweight, outperform, and buy, signaling confidence in PNC’s earnings outlook. Analyst target raise coverage
• Positive Sentiment: PNC’s Q2 report showed EPS of $4.85 and revenue of $6.66 billion, both above estimates, while management raised its dividend 18% and forecast 2026 loan growth of about 12.5% and net interest income growth of 15%-15.5%. Reuters article
• Neutral Sentiment: Some commentary noted that expenses are also expected to rise alongside revenue, which could temper margin expansion even as operating momentum remains strong. American Banker article
• Negative Sentiment: Despite the earnings beat, one market reaction item noted shares slipped after the report because higher costs and declining deposits raised some concerns about the sustainability of the growth story. Zacks article

Analyst Ratings Changes

A number of research firms have recently weighed in on PNC. Jefferies Financial Group assumed 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 objective for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Robert W. Baird boosted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday. Citigroup upped their price objective on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $264.97.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $255.24 on Friday. The stock has a 50-day moving average of $232.45 and a two-hundred day moving average of $223.26. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $256.26. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 0.85. The stock has a market cap of $102.50 billion, a P/E ratio of 14.05, a P/E/G ratio of 1.04 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the company earned $3.85 earnings per share. The company’s revenue was up 21.4% on a year-over-year basis. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 18.88 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is 39.51%.

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.