Equitable Holdings Inc. Makes New Investment in The PNC Financial Services Group, Inc $PNC

Equitable Holdings Inc. purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, HoldingsChannel.com reports. The fund purchased 28,125 shares of the financial services provider’s stock, valued at approximately $6,925,000.

Several other institutional investors and hedge funds have also modified their holdings of PNC. BlackRock Inc. acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $7,921,455,000. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $2,102,631,000. Viking Global Investors LP increased its position in shares of The PNC Financial Services Group by 234.9% during the third 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 in the last quarter. Finally, Deutsche Bank AG bought a new stake in shares of The PNC Financial Services Group during the second quarter worth $1,054,189,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 6,654 shares of company stock valued at $1,627,011. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $243.33 on Friday. The stock has a market capitalization of $97.08 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The firm has a fifty day simple moving average of $249.21 and a 200 day simple moving average of $229.52. 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 (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $6.88 billion for 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 company’s revenue was up 21.4% compared to the same quarter last year. Research analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Analyst Ratings Changes

PNC has been the topic of a number of research analyst reports. Oppenheimer boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price for the company. in a report on Thursday, July 23rd. Morgan Stanley lifted their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $265.73.

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.