Jupiter Asset Management Ltd. Purchases New Stake in The PNC Financial Services Group, Inc $PNC

Jupiter Asset Management Ltd. acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 248,145 shares of the financial services provider’s stock, valued at approximately $49,860,000.

Several other institutional investors have also recently added to or reduced their stakes in PNC. Kennebec Savings Bank boosted its holdings in shares of The PNC Financial Services Group by 1.6% in the 3rd quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after buying an additional 54 shares during the period. Winthrop Capital Management LLC lifted its holdings in The PNC Financial Services Group by 2.1% in the second quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock worth $488,000 after acquiring an additional 55 shares during the last quarter. SCS Capital Management LLC boosted its stake in 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 valued at $1,590,000 after acquiring an additional 55 shares during the period. Webster Bank N. A. raised its position in shares of The PNC Financial Services Group by 0.5% during the 3rd quarter. Webster Bank N. A. now owns 10,975 shares of the financial services provider’s stock worth $2,205,000 after purchasing an additional 55 shares during the period. Finally, YANKCOM Partnership lifted its holdings in shares of The PNC Financial Services Group by 2.3% in the 3rd quarter. YANKCOM Partnership now owns 2,537 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 57 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of several analyst reports. Truist Financial increased their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Royal Bank Of Canada boosted their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Finally, Barclays raised their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Fifteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $230.26 on Friday. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $243.94. The firm has a market cap of $90.30 billion, a P/E ratio of 13.88, a PEG ratio of 0.97 and a beta of 0.99. The stock has a fifty day moving average price of $220.96 and a two-hundred day moving average price of $202.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.81 and a current ratio of 0.81.

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 for the quarter, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The company’s 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. Research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group’s payout ratio is 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the transaction, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. The trade was a 79.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 14,186 shares of company stock valued at $3,296,973. Corporate insiders own 0.41% of the company’s stock.

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.