Deutsche Bank AG Grows Position in The PNC Financial Services Group, Inc $PNC

Deutsche Bank AG raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 108.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,836,936 shares of the financial services provider’s stock after acquiring an additional 1,994,431 shares during the period. Deutsche Bank AG owned approximately 0.98% of The PNC Financial Services Group worth $800,884,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE raised its holdings in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock valued at $57,714,000 after buying an additional 34,009 shares in the last quarter. Truist Financial Corp raised its holdings in shares of The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after buying an additional 39,589 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of The PNC Financial Services Group by 1.1% during the 4th 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. Teamwork Financial Advisors LLC purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $13,711,000. Finally, Candriam S.C.A. increased its stake in The PNC Financial Services Group by 8.0% in the 3rd quarter. Candriam S.C.A. now owns 178,811 shares of the financial services provider’s stock worth $35,928,000 after purchasing an additional 13,321 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on PNC shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Oppenheimer increased their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. Finally, Bank of America raised their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Buying and Selling

In related news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $231.51 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The company has a market cap of $92.97 billion, a PE ratio of 13.45, a P/E/G ratio of 0.94 and a beta of 0.92. The business has a 50 day moving average of $219.13 and a 200 day moving average of $215.28. The PNC Financial Services Group, Inc has a 52 week low of $172.73 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.51 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is currently 39.51%.

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.