The Manufacturers Life Insurance Company Buys New Position in The PNC Financial Services Group, Inc $PNC

The Manufacturers Life Insurance Company purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 280,552 shares of the financial services provider’s stock, valued at approximately $69,078,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. BlackRock Inc. purchased a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $7,921,455,000. Norges Bank purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $1,967,080,000. Viking Global Investors LP boosted 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 purchasing an additional 5,581,102 shares during the last quarter. Deutsche Bank AG bought a new stake in The PNC Financial Services Group in the 2nd quarter worth about $1,054,189,000. Finally, Bank of New York Mellon Corp bought a new stake in The PNC Financial Services Group in the 2nd quarter worth about $630,949,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PNC shares. Truist Financial increased their price objective 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. Barclays upped their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Oppenheimer increased their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Royal Bank Of Canada lifted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, UBS Group boosted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Stock Up 0.2%

PNC opened at $244.15 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The stock has a market cap of $97.40 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The company’s 50-day moving average price is $248.75 and its two-hundred day moving average price is $229.47.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (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 company had revenue of $6.88 billion during the quarter, compared to analyst estimates 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, equities analysts expect 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 company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Insider Activity

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value 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 approximately $710,664.11. This trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,654 shares of company stock valued at $1,627,011 in the last 90 days. 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.