Connor Clark & Lunn Investment Management Ltd. Makes New Investment in The PNC Financial Services Group, Inc $PNC

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 244,739 shares of the financial services provider’s stock, valued at approximately $60,260,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of The PNC Financial Services Group as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PNC. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $2,115,000. Mission Financial Group LLC purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $286,000. LM Advisors LLC purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $212,000. Haverford Trust Co acquired a new position in The PNC Financial Services Group during the 2nd quarter valued at approximately $5,648,000. Finally, Clear Harbor Asset Management LLC acquired a new position in The PNC Financial Services Group during the 2nd quarter valued at approximately $362,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.0%

PNC stock opened at $243.05 on Monday. The firm’s fifty day simple moving average is $248.28 and its 200-day simple moving average is $229.35. The company has a market capitalization of $96.96 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. 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 PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the business earned $3.85 earnings per share. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. As a group, equities research analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is 44.03%.

Insider Buying and Selling

In other news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 51,654 shares of company stock valued at $11,552,661 over the last quarter. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Barclays lifted their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Oppenheimer upped their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Stephens raised their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Truist Financial lifted their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. One 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $265.73.

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.