Ameriprise Financial Inc. Has $952.04 Million Stake in The PNC Financial Services Group, Inc $PNC

Ameriprise Financial Inc. boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 0.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,737,807 shares of the financial services provider’s stock after acquiring an additional 3,768 shares during the quarter. Ameriprise Financial Inc. owned 1.21% of The PNC Financial Services Group worth $952,039,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. Kennebec Savings Bank lifted its holdings in shares of The PNC Financial Services Group by 1.6% in the third quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after purchasing an additional 54 shares in the last quarter. SCS Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 0.6% during the second quarter. SCS Capital Management LLC now owns 8,527 shares of the financial services provider’s stock worth $1,590,000 after buying an additional 55 shares in the last quarter. Webster Bank N. A. grew its holdings in shares of The PNC Financial Services Group by 0.5% during the third quarter. Webster Bank N. A. now owns 10,975 shares of the financial services provider’s stock worth $2,205,000 after buying an additional 55 shares in the last quarter. YANKCOM Partnership raised its position in The PNC Financial Services Group by 2.3% in the 3rd quarter. YANKCOM Partnership now owns 2,537 shares of the financial services provider’s stock valued at $510,000 after buying an additional 57 shares during the last quarter. Finally, Foster & Motley Inc. lifted its stake in The PNC Financial Services Group by 4.2% in the 3rd quarter. Foster & Motley Inc. now owns 1,420 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 57 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the completion of the sale, the executive vice president owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $200.98 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day moving average price of $221.54 and a 200 day moving average price of $205.29. The stock has a market capitalization of $81.07 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 0.84 and a beta of 0.98. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The firm had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.77 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PNC. JPMorgan Chase & Co. upped their price target on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Oppenheimer raised their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Finally, TD Cowen lifted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $234.44.

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.