Cibc World Market Inc. Has $12.85 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Cibc World Market Inc. increased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 61,567 shares of the financial services provider’s stock after purchasing an additional 3,380 shares during the quarter. Cibc World Market Inc.’s holdings in The PNC Financial Services Group were worth $12,851,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PNC. Norges Bank bought a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Viking Global Investors LP boosted its stake in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the period. Wellington Management Group LLP increased its holdings in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of The PNC Financial Services Group by 32.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock worth $889,297,000 after acquiring an additional 1,086,941 shares during the last quarter. Finally, Capital International Investors raised its stake in The PNC Financial Services Group by 6.0% in the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after acquiring an additional 609,755 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

PNC opened at $228.76 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The business has a fifty day simple moving average of $218.12 and a 200 day simple moving average of $214.36. The PNC Financial Services Group, Inc has a 1 year low of $172.73 and a 1 year high of $243.94. The company has a market capitalization of $91.86 billion, a PE ratio of 13.29, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $6.21 billion. During the same quarter last year, the business earned $3.51 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. Research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group’s payout ratio is 39.51%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PNC. Jefferies Financial Group began coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Barclays upped their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. lifted their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Truist Financial upped their price target on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $243.11.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business’s 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 sale, the director owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is owned by company insiders.

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.