AQR Capital Management LLC Raises Stock Position in The PNC Financial Services Group, Inc $PNC

AQR Capital Management LLC grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 134.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,338,964 shares of the financial services provider’s stock after acquiring an additional 1,917,530 shares during the period. The PNC Financial Services Group comprises about 0.5% of AQR Capital Management LLC’s holdings, making the stock its 20th biggest position. AQR Capital Management LLC owned about 0.85% of The PNC Financial Services Group worth $622,450,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew 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 valued at $779,000 after purchasing an additional 984 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of The PNC Financial Services Group by 19.8% during the 1st quarter. Russell Investments Group Ltd. now owns 210,585 shares of the financial services provider’s stock worth $36,855,000 after buying an additional 34,786 shares during the last quarter. Vestmark Advisory Solutions Inc. boosted its position in shares of The PNC Financial Services Group by 54.1% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 18,681 shares of the financial services provider’s stock worth $3,284,000 after buying an additional 6,555 shares in the last quarter. Cookson Peirce & Co. Inc. grew its stake in The PNC Financial Services Group by 20.2% in the 1st quarter. Cookson Peirce & Co. Inc. now owns 6,839 shares of the financial services provider’s stock valued at $1,202,000 after acquiring an additional 1,149 shares during the last quarter. Finally, Trivium Point Advisory LLC grew its stake in The PNC Financial Services Group by 35.2% in the 1st quarter. Trivium Point Advisory LLC now owns 2,725 shares of the financial services provider’s stock valued at $479,000 after acquiring an additional 710 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity

In related news, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. UBS Group lifted their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Finally, Citigroup raised their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $217.17.

The PNC Financial Services Group Stock Down 0.4%

NYSE PNC opened at $210.61 on Friday. The stock has a market cap of $82.59 billion, a PE ratio of 13.61, a P/E/G ratio of 1.19 and a beta of 1.01. The business has a 50 day moving average price of $188.31 and a two-hundred day moving average price of $191.09. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $213.03.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same period in the prior year, the company posted $3.49 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.