Jefferies Financial Group Inc. Takes Position in The PNC Financial Services Group, Inc $PNC

Jefferies Financial Group Inc. purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 11,415 shares of the financial services provider’s stock, valued at approximately $2,811,000.

A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $7,921,455,000. State Street Corp raised its holdings in The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after acquiring an additional 77,302 shares during the last quarter. Capital International Investors raised its holdings in The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares during the last quarter. Norges Bank bought a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

PNC stock opened at $242.24 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a market cap of $96.64 billion, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The stock’s fifty day moving average price is $249.40 and its 200-day moving average price is $229.61.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.85 earnings per share. On average, equities analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change 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 PNC Financial Services Group’s payout ratio is 44.03%.

Insider Buying and Selling

In other news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

Wall Street Analyst Weigh In

A number of research firms have commented on PNC. Morgan Stanley lifted their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Argus increased their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Stephens lifted their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Truist Financial upped their target price 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 research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

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.