Livforsakringsbolaget Skandia Omsesidigt Purchases New Position in The PNC Financial Services Group, Inc $PNC

Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,455 shares of the financial services provider’s stock, valued at approximately $604,000.

A number of other large investors also recently bought and sold shares of PNC. BlackRock Inc. purchased a new position in The PNC Financial Services Group during the second quarter worth about $7,921,455,000. State Street Corp raised its stake in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after buying an additional 77,302 shares during the last quarter. Capital International Investors grew its position in shares of The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the fourth quarter worth $1,967,080,000. Finally, Geode Capital Management LLC lifted its holdings in The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after purchasing an additional 30,078 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity

In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $357,210.00. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 0.5%

Shares of PNC opened at $242.24 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The stock’s 50-day moving average is $249.40 and its two-hundred day moving average is $229.61. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a market cap of $96.64 billion, a PE ratio of 13.33, a P/E/G ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results 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 $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company’s revenue was up 21.4% on a year-over-year basis. During the same period last year, the business posted $3.85 EPS. Equities analysts forecast 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 company 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 an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent analyst reports. Oppenheimer increased their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Truist Financial raised their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target on the stock. in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. One 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group 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.