Swiss Life Asset Management Ltd Grows Stake in The PNC Financial Services Group, Inc $PNC

Swiss Life Asset Management Ltd lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 19.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 69,427 shares of the financial services provider’s stock after buying an additional 11,476 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in The PNC Financial Services Group were worth $13,950,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Kennebec Savings Bank increased its stake in The PNC Financial Services Group by 1.6% during the 3rd quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after purchasing an additional 54 shares in the last quarter. SCS Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 0.6% in the second quarter. SCS Capital Management LLC now owns 8,527 shares of the financial services provider’s stock worth $1,590,000 after buying an additional 55 shares in the last quarter. Webster Bank N. A. grew its holdings in shares of The PNC Financial Services Group by 0.5% during the third quarter. Webster Bank N. A. now owns 10,975 shares of the financial services provider’s stock valued at $2,205,000 after buying an additional 55 shares during the last quarter. YANKCOM Partnership grew its holdings in shares of The PNC Financial Services Group by 2.3% during the third quarter. YANKCOM Partnership now owns 2,537 shares of the financial services provider’s stock valued at $510,000 after buying an additional 57 shares during the last quarter. Finally, Foster & Motley Inc. increased its position in shares of The PNC Financial Services Group by 4.2% during the third quarter. Foster & Motley Inc. now owns 1,420 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 57 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Truist Financial boosted their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Finally, Barclays raised their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Fifteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Trading Up 0.5%

PNC stock opened at $202.10 on Friday. The stock has a market cap of $81.52 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.90 and a beta of 0.98. The business’s 50-day moving average is $220.32 and its 200 day moving average is $205.17. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The firm had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The PNC Financial Services Group’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.77 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 64,186 shares of company stock worth $14,840,973. 0.41% of the stock is owned by corporate insiders.

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.