The PNC Financial Services Group, Inc $PNC Shares Acquired by US Bancorp DE

US Bancorp DE boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 13.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 287,236 shares of the financial services provider’s stock after acquiring an additional 34,009 shares during the period. US Bancorp DE owned 0.07% of The PNC Financial Services Group worth $57,714,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PNC. Norges Bank acquired a new position in The PNC Financial Services Group in the second quarter valued at about $1,477,836,000. Viking Global Investors LP acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter worth approximately $442,871,000. AQR Capital Management LLC boosted its position in shares of The PNC Financial Services Group by 134.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after purchasing an additional 1,917,530 shares during the period. Federated Hermes Inc. increased its holdings in The PNC Financial Services Group by 43.8% in the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock valued at $517,598,000 after purchasing an additional 845,148 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in The PNC Financial Services Group by 491.7% in the 2nd quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock valued at $187,525,000 after purchasing an additional 835,926 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4%

PNC opened at $222.82 on Friday. The business has a 50 day moving average price of $222.25 and a two-hundred day moving average price of $204.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The company has a market cap of $89.88 billion, a PE ratio of 13.43, a P/E/G ratio of 0.93 and a beta of 0.99. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The firm had revenue of $6.07 billion for the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.77 earnings per share. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is 40.99%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PNC shares. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Morgan Stanley upped their price target on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a report on Tuesday, January 20th. Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Finally, Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.44.

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.