Royal London Asset Management Ltd. Has $108.48 Million Holdings in The PNC Financial Services Group, Inc $PNC

Royal London Asset Management Ltd. trimmed its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 440,590 shares of the financial services provider’s stock after selling 2,610 shares during the period. Royal London Asset Management Ltd.’s holdings in The PNC Financial Services Group were worth $108,482,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $28,000. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $25,000. Quarry LP acquired a new position in The PNC Financial Services Group in the third quarter valued at about $25,000. Archer Investment Corp bought a new stake in The PNC Financial Services Group during the second quarter worth about $33,000. Finally, Modus Advisors LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $29,000. 83.53% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of the company’s 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 completion of the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,654 shares of company stock valued at $1,627,011 in the last ninety days. 0.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PNC. Truist Financial lifted 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. Oppenheimer increased their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Argus boosted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, Stephens lifted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $242.24 on Friday. 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, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The stock has a market capitalization of $96.64 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.97 and a beta of 0.91. The business has a 50-day moving average price of $249.40 and a two-hundred day moving average price of $229.61.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion during 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 business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.85 EPS. Equities analysts predict 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 business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend 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.