Great Lakes Advisors LLC Takes $3.22 Million Position in The PNC Financial Services Group, Inc $PNC

Great Lakes Advisors LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 13,074 shares of the financial services provider’s stock, valued at approximately $3,219,000.

Other large investors have also recently bought and sold shares of the company. Truist Financial Corp lifted its position in The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after purchasing an additional 39,589 shares during the period. Vanguard Group Inc. increased its holdings 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 valued at $8,114,168,000 after buying an additional 408,464 shares during the period. Stoneridge Investment Partners LLC increased its holdings in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after buying an additional 8,818 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $35,124,000. Finally, Empire Life Investments Inc. raised its stake in shares of The PNC Financial Services Group by 8.7% in the 4th quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock valued at $45,319,000 after buying an additional 17,418 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 51,654 shares of company stock valued at $11,552,661 in the last 90 days. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNC. Citigroup lifted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. UBS Group increased their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Oppenheimer raised their price target on shares of 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. Truist Financial lifted 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. Finally, Wells Fargo & Company increased their target price 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 research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Trading Down 1.7%

Shares of PNC stock opened at $242.26 on Friday. The company has a market capitalization of $96.65 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.98 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average price of $248.17 and a 200 day moving average price of $229.25.

The PNC Financial Services Group (NYSE:PNC) last issued 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 firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations 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 company’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.85 earnings per share. Research 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

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.