Rayburn West Financial Services LLC Buys Shares of 17,848 The PNC Financial Services Group, Inc $PNC

Rayburn West Financial Services LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 17,848 shares of the financial services provider’s stock, valued at approximately $3,725,000. The PNC Financial Services Group accounts for 2.3% of Rayburn West Financial Services LLC’s portfolio, making the stock its 14th biggest position.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of 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 valued at $8,114,168,000 after acquiring an additional 408,464 shares during the period. State Street Corp raised its position in shares of The PNC Financial Services Group by 0.5% in the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock valued at $3,464,462,000 after acquiring an additional 85,291 shares during the period. Capital International Investors raised its position in shares of The PNC Financial Services Group by 6.0% in the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after acquiring an additional 609,755 shares during the period. Viking Global Investors LP raised its position in shares of The PNC Financial Services Group by 234.9% in 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 acquiring an additional 5,581,102 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of The PNC Financial Services Group by 32.6% in the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock valued at $889,297,000 after acquiring an additional 1,086,941 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of analyst reports. Citigroup increased their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Bank of America increased their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Truist Financial increased their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research report on Thursday, April 16th. Finally, Oppenheimer increased their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $243.11.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president directly owned 21,120 shares of the company’s stock, valued at $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 64,186 shares of company stock valued at $14,840,973 in the last quarter. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $209.80 on Thursday. The business has a 50 day simple moving average of $213.47 and a 200 day simple moving average of $210.36. The PNC Financial Services Group, Inc has a 52-week low of $169.32 and a 52-week high of $243.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market cap of $84.25 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 0.89 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the business earned $3.51 EPS. The PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

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.