Sei Investments Co. Boosts Position in The PNC Financial Services Group, Inc $PNC

Sei Investments Co. increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 436,967 shares of the financial services provider’s stock after acquiring an additional 36,445 shares during the quarter. Sei Investments Co.’s holdings in The PNC Financial Services Group were worth $90,928,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Lido Advisors LLC boosted its holdings in The PNC Financial Services Group by 3,211.6% in the 1st quarter. Lido Advisors LLC now owns 513,633 shares of the financial services provider’s stock valued at $106,882,000 after purchasing an additional 498,123 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of The PNC Financial Services Group by 3.3% during the 1st quarter. Cetera Investment Advisers now owns 241,892 shares of the financial services provider’s stock worth $50,335,000 after buying an additional 7,787 shares during the last quarter. NewEdge Wealth LLC increased its holdings in shares of The PNC Financial Services Group by 20.6% during the 1st quarter. NewEdge Wealth LLC now owns 26,332 shares of the financial services provider’s stock worth $5,479,000 after buying an additional 4,506 shares during the last quarter. First Trust Advisors LP raised its position in shares of The PNC Financial Services Group by 8.3% during the 1st quarter. First Trust Advisors LP now owns 2,816,605 shares of the financial services provider’s stock valued at $586,107,000 after buying an additional 215,454 shares during the period. Finally, Westpac Banking Corp raised its position in shares of The PNC Financial Services Group by 22.8% during the 1st quarter. Westpac Banking Corp now owns 9,058 shares of the financial services provider’s stock valued at $1,885,000 after buying an additional 1,682 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $250.59 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 $100.63 billion, a P/E ratio of 13.79, a P/E/G ratio of 0.99 and a beta of 0.91. The firm’s 50 day moving average price is $236.91 and its 200-day moving average price is $224.87. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.85 EPS. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given a dividend of $2.00 per share. This is an increase 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 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PNC shares. Truist Financial upped their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Barclays lifted their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Bank of America upped their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Stephens increased their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $265.48.

Insider Activity

In other news, 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 completion of the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The shares were 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 owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 48,300 shares of company stock valued at $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.