Covea Finance Purchases 16,600 Shares of The PNC Financial Services Group, Inc $PNC

Covea Finance increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 51.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,600 shares of the financial services provider’s stock after acquiring an additional 16,600 shares during the quarter. Covea Finance’s holdings in The PNC Financial Services Group were worth $10,144,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP bought a new stake in The PNC Financial Services Group during the 3rd quarter worth about $25,000. Westfuller Advisors LLC bought a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $34,000. JPL Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $37,000. Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $39,000. Finally, Bayforest Capital Ltd grew its position in shares of The PNC Financial Services Group by 237.1% during the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after buying an additional 147 shares during the period. Institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This represents a 18.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. This represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,186 shares of company stock valued at $14,840,973 in the last quarter. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $201.71 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The stock’s 50-day simple moving average is $220.00 and its 200 day simple moving average is $205.12. The firm has a market capitalization of $81.37 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.90 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The firm had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.77 earnings per share. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PNC. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a report on Tuesday, January 20th. Barclays increased their target price on shares of 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. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday, December 18th. 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. Finally, Royal Bank Of Canada lifted their target price on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $234.44.

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.