Focus Partners Advisor Solutions LLC Buys New Shares in The PNC Financial Services Group, Inc $PNC

Focus Partners Advisor Solutions LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 42,534 shares of the financial services provider’s stock, valued at approximately $10,473,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Truist Financial Corp increased its stake in The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after purchasing an additional 39,589 shares in the last quarter. Vanguard Group Inc. lifted its stake in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after buying an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC lifted its stake in The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after buying an additional 8,818 shares in the last quarter. Empire Life Investments Inc. boosted its holdings in shares of The PNC Financial Services Group by 8.7% in the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock worth $45,319,000 after buying an additional 17,418 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $35,124,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction 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 sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 51,654 shares of company stock worth $11,552,661. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $256.91 on Friday. The company has a 50 day simple moving average of $246.72 and a 200-day simple moving average of $228.45. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $102.49 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.13.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period last year, the company posted $3.85 earnings per share. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PNC shares. UBS Group boosted their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Royal Bank Of Canada lifted their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Argus boosted their target price 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. Morgan Stanley increased their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Citigroup raised their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group 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.