State Street Corp Raises Stock Holdings in The PNC Financial Services Group, Inc $PNC

State Street Corp lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,434,446 shares of the financial services provider’s stock after acquiring an additional 765,097 shares during the period. State Street Corp owned 4.62% of The PNC Financial Services Group worth $4,538,929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $1,967,080,000. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $2,102,631,000. Deutsche Bank AG purchased a new stake in The PNC Financial Services Group in the second quarter valued at approximately $1,054,189,000. Finally, Jupiter Topco LLC purchased a new stake in The PNC Financial Services Group in the second quarter valued at approximately $756,877,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on PNC shares. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Robert W. Baird boosted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $267.87.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Down 2.4%

PNC traded down $5.51 during trading on Tuesday, hitting $227.74. The company had a trading volume of 1,019,526 shares, compared to its average volume of 2,211,636. 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 debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $90.86 billion, a PE ratio of 12.55, a P/E/G ratio of 1.16 and a beta of 0.90. The business has a 50-day moving average of $247.09 and a 200-day moving average of $231.12.

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 PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the business posted $3.85 EPS. The PNC Financial Services Group’s quarterly revenue was up 21.4% compared to the same quarter last year. As a group, 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. 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 (DPR) is currently 44.03%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.