Jupiter Asset Management Ltd. Makes New $49.86 Million Investment in The PNC Financial Services Group, Inc $PNC

Jupiter Asset Management Ltd. purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 248,145 shares of the financial services provider’s stock, valued at approximately $49,860,000. Jupiter Asset Management Ltd. owned about 0.06% of The PNC Financial Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Avestar Capital LLC increased its holdings in shares of The PNC Financial Services Group by 53.3% during the 3rd quarter. Avestar Capital LLC now owns 2,248 shares of the financial services provider’s stock worth $452,000 after buying an additional 782 shares during the last quarter. Synovus Financial Corp grew its position in The PNC Financial Services Group by 0.9% during the third quarter. Synovus Financial Corp now owns 13,183 shares of the financial services provider’s stock valued at $2,649,000 after acquiring an additional 115 shares during the period. NewEdge Wealth LLC grew its position in The PNC Financial Services Group by 7.2% during the third quarter. NewEdge Wealth LLC now owns 18,994 shares of the financial services provider’s stock valued at $3,498,000 after acquiring an additional 1,268 shares during the period. CenterBook Partners LP acquired a new stake in The PNC Financial Services Group during the third quarter worth about $537,000. Finally, King Wealth Management Group purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter worth about $200,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 1.1%

Shares of NYSE PNC opened at $230.26 on Friday. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $243.94. The firm has a market cap of $90.30 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.97 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $220.96 and its 200-day simple moving average is $202.99.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter in the prior year, the business posted $3.77 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

Insider Buying and Selling

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the sale, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This represents a 79.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 14,186 shares of company stock worth $3,296,973. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Barclays boosted their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. TD Cowen raised their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their price objective on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Finally, Oppenheimer increased their target price on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

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.