Man Group plc Invests $27.20 Million in The PNC Financial Services Group, Inc $PNC

Man Group plc acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel.com reports. The firm acquired 110,452 shares of the financial services provider’s stock, valued at approximately $27,195,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at $28,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $29,000. Finally, Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the 1st quarter valued at $31,000. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PNC shares. Royal Bank Of Canada raised their price target on shares of 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. Robert W. Baird upped their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Citigroup raised their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $245.04 on Thursday. The company has a market cap of $97.76 billion, a P/E ratio of 13.49, a PEG ratio of 0.97 and a beta of 0.91. The company has a fifty day simple moving average of $248.99 and a 200 day simple moving average of $229.52. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share 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 firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the company posted $3.85 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend 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 payout ratio is presently 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,654 shares of company stock valued at $1,627,011 over the last three months. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Company Profile

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.