Andra AP fonden Raises Stake in The PNC Financial Services Group, Inc $PNC

Andra AP fonden boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 186.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 75,699 shares of the financial services provider’s stock after purchasing an additional 49,299 shares during the quarter. Andra AP fonden’s holdings in The PNC Financial Services Group were worth $15,752,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PNC. Wilkerson Advisory Group LLC grew its stake in shares of The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after buying an additional 71 shares in the last quarter. Johnson Financial Group Inc. lifted its position in The PNC Financial Services Group by 42.9% during the 1st quarter. Johnson Financial Group Inc. now owns 1,658 shares of the financial services provider’s stock worth $345,000 after acquiring an additional 498 shares in the last quarter. Convergence Investment Partners LLC grew its position in The PNC Financial Services Group by 178.6% in the first quarter. Convergence Investment Partners LLC now owns 18,085 shares of the financial services provider’s stock valued at $3,763,000 after acquiring an additional 11,593 shares in the last quarter. Florida Financial Advisors LLC grew its position in The PNC Financial Services Group by 29.9% in the first quarter. Florida Financial Advisors LLC now owns 2,197 shares of the financial services provider’s stock valued at $458,000 after acquiring an additional 506 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its stake in shares of The PNC Financial Services Group by 9.2% during the first quarter. Meeder Advisory Services Inc. now owns 11,942 shares of the financial services provider’s stock valued at $2,485,000 after purchasing an additional 1,009 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.1%

NYSE PNC opened at $250.37 on Wednesday. The company has a market capitalization of $100.54 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.49. The company’s fifty day moving average price is $234.58 and its two-hundred day moving average price is $224.11.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 EPS. The company’s revenue for the quarter 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 19.14 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date is Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insiders Place Their Bets

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction 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 trade represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,300 shares of company stock valued at $10,694,574 in the last quarter. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Citigroup upped their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. raised their target price on The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods lifted their target price 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. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $265.50.

The PNC Financial Services Group 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.