Cinctive Capital Management LP Invests $4.48 Million in The PNC Financial Services Group, Inc $PNC

Cinctive Capital Management LP purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 22,306 shares of the financial services provider’s stock, valued at approximately $4,482,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in The PNC Financial Services Group by 1.4% in the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock worth $7,174,760,000 after acquiring an additional 521,455 shares in the last quarter. Capital International Investors lifted its holdings in The PNC Financial Services Group by 6.0% in the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after acquiring an additional 609,755 shares during the period. Viking Global Investors LP boosted its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth $1,477,836,000. Finally, Invesco Ltd. grew its stake in shares of The PNC Financial Services Group by 0.5% during the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock worth $936,535,000 after purchasing an additional 26,798 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.8%

NYSE:PNC opened at $200.98 on Monday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The stock has a fifty day simple moving average of $221.54 and a 200-day simple moving average of $205.28. The company 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 (NYSE:PNC) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.90 billion. During the same period in the prior year, the company earned $3.77 EPS. The firm’s revenue was up 9.1% on a year-over-year basis. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the sale, the executive vice president owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. This represents a 79.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,186 shares of company stock valued at $14,840,973 over the last three months. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. JPMorgan Chase & Co. increased their target price on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Finally, Truist Financial boosted their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Fifteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $234.44.

About The PNC Financial Services Group

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.