Canada Pension Plan Investment Board Invests $190 Million in The PNC Financial Services Group, Inc $PNC

Canada Pension Plan Investment Board purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 771,649 shares of the financial services provider’s stock, valued at approximately $189,995,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth $28,000. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $25,000. Quarry LP bought a new position in The PNC Financial Services Group in the third quarter valued at about $25,000. Modus Advisors LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth about $29,000. Finally, Financial Life Planners acquired a new position in The PNC Financial Services Group during the first quarter worth about $31,000. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PNC has been the topic of a number of research analyst reports. Argus raised their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Royal Bank Of Canada increased their price objective on shares of 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. UBS Group raised their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Morgan Stanley boosted their target price 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 note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction that occurred 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 directly owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,654 shares of company stock valued at $1,627,011 in the last ninety days. 0.38% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $245.04 on Thursday. The business’s 50-day moving average price is $248.99 and its 200-day moving average price is $229.52. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The firm has a market capitalization of $97.76 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.97 and a beta of 0.91. 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 (NYSE:PNC) last released its quarterly earnings results 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 return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the previous year, the business posted $3.85 earnings per share. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is presently 44.03%.

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.