KBC Group NV Has $17.13 Million Stock Position in The PNC Financial Services Group, Inc $PNC

KBC Group NV trimmed its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 19.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,323 shares of the financial services provider’s stock after selling 20,340 shares during the period. KBC Group NV’s holdings in The PNC Financial Services Group were worth $17,131,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC raised its holdings in The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC raised its stake in The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC grew its stake in The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after acquiring an additional 1,449 shares during the period. Treasurer of the State of North Carolina raised its position in shares of The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after purchasing an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at about $482,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction 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 sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 over the last three months. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of several research reports. Barclays increased 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 report on Thursday, July 16th. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. Stephens increased their price objective on shares of 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. UBS Group raised their price objective on 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. Finally, Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.50.

The PNC Financial Services Group Stock Up 0.1%

The PNC Financial Services Group stock opened at $250.37 on Wednesday. The firm has a market capitalization of $100.54 billion, a PE ratio of 13.78, a P/E/G ratio of 1.00 and a beta of 0.91. The company’s 50-day moving average is $234.58 and its 200-day moving average is $224.11. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.49. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating 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 $6.66 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the business posted $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.14 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a $2.00 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

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.