Empowered Funds LLC Purchases 15,252 Shares of The PNC Financial Services Group, Inc $PNC

Empowered Funds LLC raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 47.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 47,636 shares of the financial services provider’s stock after acquiring an additional 15,252 shares during the period. Empowered Funds LLC’s holdings in The PNC Financial Services Group were worth $9,913,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at $1,967,080,000. Viking Global Investors LP raised its holdings in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of The PNC Financial Services Group by 961.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after buying an additional 2,382,552 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after buying an additional 1,994,431 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after buying an additional 1,162,964 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PNC shares. Truist Financial boosted 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 raised 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. Robert W. Baird lifted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Citigroup boosted their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Trading Up 0.1%

NYSE:PNC opened at $248.74 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $99.89 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49. The firm has a 50-day moving average price of $239.63 and a two-hundred day moving average price of $225.84.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results 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 PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.66 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter last year, the firm earned $3.85 EPS. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities analysts expect 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insiders Place Their Bets

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was 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 directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.

About The PNC Financial Services Group

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.