Legal & General Group Plc Grows Holdings in The PNC Financial Services Group, Inc $PNC

Legal & General Group Plc boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,726,425 shares of the financial services provider’s stock after buying an additional 97,707 shares during the quarter. Legal & General Group Plc’s holdings in The PNC Financial Services Group were worth $547,821,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the second quarter worth about $1,477,836,000. Viking Global Investors LP purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $442,871,000. AQR Capital Management LLC raised its position in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after purchasing an additional 1,917,530 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of The PNC Financial Services Group by 43.8% during the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock valued at $517,598,000 after buying an additional 845,148 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of The PNC Financial Services Group by 491.7% during the second quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock worth $187,525,000 after purchasing an additional 835,926 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the transaction, the chief executive officer owned 554,274 shares of the company’s stock, valued at $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 64,186 shares of company stock worth $14,840,973. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PNC. Morgan Stanley upped their price objective on The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 20th. Truist Financial increased their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Barclays raised their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Finally, Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Fifteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $234.44.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $206.27 on Wednesday. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $243.94. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The company has a fifty day moving average price of $221.94 and a 200 day moving average price of $205.29. The firm has a market cap of $83.20 billion, a PE ratio of 12.43, a PEG ratio of 0.86 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The company had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter last year, the company earned $3.77 EPS. The PNC Financial Services Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

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.