Capital Research Global Investors Purchases 53,765 Shares of The PNC Financial Services Group, Inc $PNC

Capital Research Global Investors grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,767,206 shares of the financial services provider’s stock after buying an additional 53,765 shares during the period. Capital Research Global Investors owned 0.71% of The PNC Financial Services Group worth $556,026,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after purchasing an additional 521,455 shares during the period. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock worth $2,177,318,000 after buying an additional 609,755 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock valued at $1,628,302,000 after purchasing an additional 93,346 shares during the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the second quarter worth $1,477,836,000. Finally, Invesco Ltd. boosted its stake in shares of The PNC Financial Services Group by 0.5% during the second quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after purchasing an additional 26,798 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.5%

Shares of NYSE PNC opened at $206.27 on Wednesday. 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 stock has a market capitalization of $83.20 billion, a PE ratio of 12.43, a P/E/G ratio of 0.86 and a beta of 0.98. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The business’s fifty day moving average price is $221.94 and its 200-day moving average price is $205.29.

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, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter last year, the business earned $3.77 earnings per share. The company’s quarterly revenue was up 9.1% on a year-over-year basis. On average, equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. This trade represents a 10.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. The trade was a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,186 shares of company stock valued at $14,840,973 over the last three months. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Truist Financial raised their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Morgan Stanley raised 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. Finally, TD Cowen raised their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Company 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.