Connor Clark & Lunn Investment Management Ltd. Buys New Stake in The PNC Financial Services Group, Inc $PNC

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel.com reports. The fund purchased 244,739 shares of the financial services provider’s stock, valued at approximately $60,260,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth about $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $28,000. Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $29,000. Finally, Financial Life Planners purchased a new position in shares of The PNC Financial Services Group in the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.0%

Shares of The PNC Financial Services Group stock opened at $243.05 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The firm has a market capitalization of $96.96 billion, a PE ratio of 13.38, a P/E/G ratio of 0.96 and a beta of 0.91. The firm’s 50-day moving average price is $248.28 and its 200 day moving average price is $229.35.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate 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 company had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period in the previous year, the business earned $3.85 EPS. The PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of recent analyst reports. Barclays increased their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Stephens boosted their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Citigroup upped their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research report on Thursday, July 23rd. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction 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 in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 51,654 shares of company stock valued at $11,552,661 over the last ninety days. Company insiders own 0.38% of the company’s stock.

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.