Manning & Napier Advisors LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Manning & Napier Advisors LLC acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 38,944 shares of the financial services provider’s stock, valued at approximately $9,609,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group during the 4th quarter valued at about $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group in the 3rd quarter worth about $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in The PNC Financial Services Group in the second quarter worth about $28,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth about $29,000. Finally, Financial Life Planners purchased a new position in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNC. Truist Financial upped their target price on 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. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. UBS Group increased their target price on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $243.70 on Tuesday. The company has a 50 day moving average price of $248.56 and a 200-day moving average price of $229.42. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The company has a market capitalization of $97.22 billion, a PE ratio of 13.41, a P/E/G ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.85 earnings per share. As a group, equities 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group 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 directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 6,654 shares of company stock valued at $1,627,011. Company insiders own 0.38% of the company’s stock.

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.