Korea Investment CORP Purchases New Holdings in The PNC Financial Services Group, Inc $PNC

Korea Investment CORP purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 159,683 shares of the financial services provider’s stock, valued at approximately $39,317,000.

Other hedge funds also recently modified their holdings of the company. Monetary Solutions Ltd bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $25,000. Quarry LP bought a new position in The PNC Financial Services Group in the third quarter worth $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in The PNC Financial Services Group in the second quarter worth $28,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth $29,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the first quarter worth $31,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $243.05 on Friday. The firm has a market cap of $96.96 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.96 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 company’s 50-day moving average price is $248.28 and its two-hundred day moving average price is $229.34.

The PNC Financial Services Group (NYSE:PNC) last posted 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 company had revenue of $6.88 billion during the quarter, compared to analyst estimates 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 revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business posted $3.85 earnings per share. On average, equities analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS 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%.

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 Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Oppenheimer upped their target price on shares of 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. Truist Financial raised their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Royal Bank Of Canada upped their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Morgan Stanley increased 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 report on Monday, June 29th. Finally, UBS Group raised their target price on 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. One investment 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $265.73.

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.