Cibc World Market Inc. Takes Position in The PNC Financial Services Group, Inc $PNC

Cibc World Market Inc. bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, Holdings Channel reports. The fund bought 14,970 shares of the financial services provider’s stock, valued at approximately $3,686,000.

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $7,921,455,000. Norges Bank bought a new stake in The PNC Financial Services Group in the fourth quarter valued at $1,967,080,000. Viking Global Investors LP boosted its holdings in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Deutsche Bank AG purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at $1,054,189,000. Finally, Bank of New York Mellon Corp purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at $630,949,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,654 shares of company stock worth $1,627,011 in the last 90 days. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the subject of several research analyst reports. Truist Financial raised their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. UBS Group boosted their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Royal Bank Of Canada lifted their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, Morgan Stanley upped 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. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Stock Up 0.4%

Shares of The PNC Financial Services Group stock opened at $245.04 on Thursday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The firm has a market cap of $97.76 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.97 and a beta of 0.91. The company has a 50-day moving average of $248.99 and a 200 day moving average of $229.52. 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 (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 business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.85 earnings per share. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

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.