Czech National Bank Acquires 3,329 Shares of The PNC Financial Services Group, Inc $PNC

Czech National Bank raised its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,019 shares of the financial services provider’s stock after acquiring an additional 3,329 shares during the quarter. Czech National Bank’s holdings in The PNC Financial Services Group were worth $20,097,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PNC. Vanguard Group Inc. boosted its position in The PNC Financial Services Group by 1.4% during the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after purchasing an additional 521,455 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 1.1% during the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock valued at $1,628,302,000 after buying an additional 93,346 shares during the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $1,477,836,000. Invesco Ltd. grew its position in shares of The PNC Financial Services Group by 0.5% in the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock worth $936,535,000 after buying an additional 26,798 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of The PNC Financial Services Group by 0.5% in the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock worth $844,967,000 after buying an additional 24,588 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PNC shares. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Truist Financial increased their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday. Finally, Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $215.00 to $228.00 and gave the company a “market perform” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $219.11.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $209.54 on Friday. The company has a market cap of $82.17 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.18 and a beta of 1.01. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s fifty day moving average price is $189.72 and its 200 day moving average price is $192.08. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $213.03.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.49 EPS. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on 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 directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group 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.