Capital International Investors Raises Stake in The PNC Financial Services Group, Inc $PNC

Capital International Investors increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 6.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 10,835,687 shares of the financial services provider’s stock after acquiring an additional 609,755 shares during the period. Capital International Investors’ holdings in The PNC Financial Services Group were worth $2,177,318,000 as of its most recent filing with the Securities & Exchange Commission.

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

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $205.25 on Tuesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. 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 capitalization of $82.79 billion, a P/E ratio of 12.37, a P/E/G ratio of 0.86 and a beta of 0.98. The business’s 50-day simple moving average is $222.03 and its 200-day simple moving average is $205.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same quarter last year, the firm posted $3.77 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed 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 of this dividend was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president directly owned 1,942 shares of the company’s stock, valued at $448,563.16. This trade represents a 79.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,186 shares of company stock worth $14,840,973 over the last three months. 0.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. TD Cowen lifted their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Morgan Stanley increased their target price 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. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Finally, Wells Fargo & Company increased their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target 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.