The PNC Financial Services Group, Inc $PNC Shares Bought by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp grew its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 71.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,342 shares of the financial services provider’s stock after purchasing an additional 10,176 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in The PNC Financial Services Group were worth $5,065,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Truist Financial Corp raised its position in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. boosted its stake in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC grew its position in The PNC Financial Services Group by 59.1% during the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after purchasing an additional 8,818 shares during the last quarter. BNC Wealth Management LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $6,715,000. Finally, BIP Wealth LLC acquired a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $1,243,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Citigroup raised their price target on shares of 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. Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Morgan Stanley raised their target price 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. Stephens lifted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Oppenheimer boosted 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 note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $265.48.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $250.59 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.49. The company has a 50 day simple moving average of $236.91 and a two-hundred day simple moving average of $224.94. The stock has a market cap of $100.63 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion for 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 business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the firm earned $3.85 EPS. As a group, analysts predict 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

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.