Tema Etfs LLC Acquires Shares of 6,229 The PNC Financial Services Group, Inc $PNC

Tema Etfs LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,229 shares of the financial services provider’s stock, valued at approximately $1,252,000.

A number of other hedge funds have also made changes to their positions in PNC. Norges Bank acquired a new position in The PNC Financial Services Group in the second quarter valued at about $1,477,836,000. Viking Global Investors LP bought a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $442,871,000. AQR Capital Management LLC boosted its holdings in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after acquiring an additional 1,917,530 shares in the last quarter. Federated Hermes Inc. grew its position in The PNC Financial Services Group by 43.8% during the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after acquiring an additional 845,148 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in The PNC Financial Services Group by 491.7% during the 2nd quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock valued at $187,525,000 after purchasing an additional 835,926 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $212.65 on Wednesday. The firm has a market cap of $83.39 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.92 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $220.54. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a 50-day moving average price of $200.71 and a 200 day moving average price of $196.78.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter last year, the firm earned $3.49 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

Analysts Set New Price Targets

A number of equities analysts have commented on PNC shares. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $215.00 to $228.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, Citigroup upped their target price on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and an average target price of $222.06.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. This trade represents a 14.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the sale, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is currently owned by insiders.

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.