Caisse de depot et placement du Quebec Takes $33.38 Million Position in The PNC Financial Services Group, Inc $PNC

Caisse de depot et placement du Quebec acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 135,572 shares of the financial services provider’s stock, valued at approximately $33,381,000.

Several other institutional investors also recently modified their holdings of the stock. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth $28,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth $29,000. Finally, Financial Life Planners purchased a new position in The PNC Financial Services Group in the first quarter worth $31,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Down 0.5%

Shares of NYSE PNC opened at $242.24 on Friday. The firm’s fifty day moving average is $249.40 and its 200 day moving average is $229.61. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week 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 has a market cap of $96.64 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.97 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during 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 firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.85 EPS. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current 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 issued a dividend of $2.00 per share. 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 ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Analyst Ratings Changes

A number of research firms have weighed in on PNC. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Truist Financial upped their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. Argus increased their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price for the company. in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Buying and Selling

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 stock was sold at an average price of $255.84, for a total transaction 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 $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,654 shares of company stock valued at $1,627,011 over the last ninety days. 0.38% of the stock is owned by insiders.

About The PNC Financial Services Group

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.