Fjarde AP Fonden Fourth Swedish National Pension Fund Purchases 11,700 Shares of The PNC Financial Services Group, Inc $PNC

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 23.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,883 shares of the financial services provider’s stock after acquiring an additional 11,700 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in The PNC Financial Services Group were worth $11,536,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PNC. Saudi Central Bank purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $27,000. IMG Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Concord Wealth Partners raised its holdings in shares of The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 100 shares in the last quarter. Cornerstone Planning Group LLC raised its holdings in shares of The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 65 shares in the last quarter. Finally, WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC opened at $183.09 on Wednesday. The stock’s 50 day simple moving average is $196.84 and its 200 day simple moving average is $185.45. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The firm has a market cap of $72.10 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 1.29 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period last year, the company earned $3.49 EPS. The PNC Financial Services Group’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on PNC shares. Morgan Stanley raised their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. Stephens reiterated an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Finally, Bank of America increased their price objective on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.