The PNC Financial Services Group, Inc $PNC Position Increased by Addenda Capital Inc.

Addenda Capital Inc. raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 45.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,694 shares of the financial services provider’s stock after purchasing an additional 19,957 shares during the quarter. Addenda Capital Inc.’s holdings in The PNC Financial Services Group were worth $12,798,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. IMG Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $27,000. Saudi Central Bank acquired a new stake in The PNC Financial Services Group in the first quarter valued at approximately $27,000. Concord Wealth Partners grew its position in The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 100 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $37,000. Finally, WPG Advisers LLC acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth $36,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of recent research reports. Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. UBS Group boosted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Finally, Citigroup upped their target price 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 equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $219.11.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of the business’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 directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $209.54 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $213.03. The company has a market cap of $82.17 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.18 and a beta of 1.01. The business’s 50 day moving average is $189.72 and its two-hundred day moving average is $192.08. 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 (NYSE:PNC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter last year, the company posted $3.49 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

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

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.