Benjamin Edwards Inc. Increases Holdings in The PNC Financial Services Group, Inc $PNC

Benjamin Edwards Inc. boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 27.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,763 shares of the financial services provider’s stock after purchasing an additional 5,294 shares during the quarter. Benjamin Edwards Inc.’s holdings in The PNC Financial Services Group were worth $4,977,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $1,477,836,000. Viking Global Investors LP acquired a new position in The PNC Financial Services Group in the second quarter valued at $442,871,000. AQR Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 134.9% during the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after purchasing an additional 1,917,530 shares during the last quarter. Federated Hermes Inc. increased its position in shares of The PNC Financial Services Group by 43.8% during the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after purchasing an additional 845,148 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of The PNC Financial Services Group by 491.7% in the 2nd quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock valued at $187,525,000 after purchasing an additional 835,926 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.5%

Shares of PNC stock opened at $217.52 on Friday. The business’s fifty day moving average price is $199.45 and its 200 day moving average price is $196.18. The firm has a market capitalization of $85.30 billion, a PE ratio of 14.05, a P/E/G ratio of 0.93 and a beta of 0.99. 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 PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $220.54.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 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 company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the previous year, the firm earned $3.49 EPS. The business’s revenue was up 8.9% on a year-over-year basis. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is presently 43.93%.

Insider Transactions at The PNC Financial Services Group

In related news, 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 transaction, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This trade represents a 14.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the sale, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the subject of several research analyst reports. Morgan Stanley increased their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Barclays upped their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Oppenheimer lowered their price objective on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Finally, TD Cowen increased their target price on shares of The PNC Financial Services Group from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $222.06.

The PNC Financial Services Group Company Profile

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.