Y Intercept Hong Kong Ltd Takes $4.11 Million Position in The PNC Financial Services Group, Inc $PNC

Y Intercept Hong Kong Ltd acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 19,747 shares of the financial services provider’s stock, valued at approximately $4,109,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Norges Bank bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $1,967,080,000. Viking Global Investors LP raised its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Corient Private Wealth LLC raised its position in shares of The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after purchasing an additional 2,382,552 shares during the period. Deutsche Bank AG lifted its stake in shares of The PNC Financial Services Group by 108.2% during the 4th 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 lifted its stake in shares of The PNC Financial Services Group by 50.1% during the 3rd 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 in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on PNC. JPMorgan Chase & Co. increased their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Jefferies Financial Group initiated coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 target price for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Truist Financial boosted their price target on The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a “hold” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $252.71.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $249.13 on Monday. The company has a market cap of $100.04 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.02 and a beta of 0.91. The firm’s fifty day moving average is $226.89 and its 200 day moving average is $220.69. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $254.00.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter last year, the business earned $3.51 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 13.1% compared to the same quarter last year. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.82 EPS for the current fiscal year.

Insider Activity

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

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.