Invesco Ltd. lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 10.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,164,321 shares of the financial services provider’s stock after purchasing an additional 484,475 shares during the quarter. Invesco Ltd. owned 1.30% of The PNC Financial Services Group worth $634,024,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. MUFG Securities EMEA plc acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at $25,000. OFI Invest Asset Management acquired a new stake in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. DHJJ Financial Advisors Ltd. acquired a new stake in The PNC Financial Services Group in the 3rd quarter valued at about $29,000. Tyler Stone Wealth Management bought a new position in The PNC Financial Services Group in the second quarter valued at approximately $29,000. Finally, Roffman Miller Associates Inc. PA bought a new position in The PNC Financial Services Group in the second quarter valued at approximately $30,000. 80.14% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research note on Tuesday, January 30th. StockNews.com cut shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. Stephens reaffirmed an “equal weight” rating and set a $138.00 target price on shares of The PNC Financial Services Group in a research note on Tuesday, December 5th. Odeon Capital Group raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 target price on the stock in a research note on Thursday, December 14th. Finally, Piper Sandler boosted their target price on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the stock a “neutral” rating in a research note on Friday, December 8th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average target price of $146.59.
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Insider Activity at The PNC Financial Services Group
In related news, EVP Guild Deborah sold 1,533 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $132.51, for a total transaction of $203,137.83. Following the sale, the executive vice president now directly owns 17,092 shares in the company, valued at approximately $2,264,860.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $148.82, for a total value of $446,460.00. Following the sale, the executive vice president now directly owns 36,570 shares in the company, valued at approximately $5,442,347.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Guild Deborah sold 1,533 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $132.51, for a total transaction of $203,137.83. Following the completion of the sale, the executive vice president now owns 17,092 shares in the company, valued at $2,264,860.92. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Stock Performance
PNC traded down $0.78 during midday trading on Friday, reaching $148.85. The company had a trading volume of 1,466,190 shares, compared to its average volume of 2,124,497. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market cap of $59.29 billion, a PE ratio of 11.64, a P/E/G ratio of 1.74 and a beta of 1.19. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $161.15. The business has a 50-day moving average price of $150.70 and a two-hundred day moving average price of $132.98.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $1.04. The company had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $5.30 billion. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The PNC Financial Services Group’s revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the company posted $3.49 EPS. On average, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.29 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Tuesday, January 16th were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date was Friday, January 12th. The PNC Financial Services Group’s payout ratio is currently 48.48%.
The PNC Financial Services Group Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company’s Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
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