CIBC Bancorp USA Inc. Buys Shares of 54,394 The PNC Financial Services Group, Inc $PNC

CIBC Bancorp USA Inc. purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 54,394 shares of the financial services provider’s stock, valued at approximately $10,929,000.

Several other hedge funds also recently made changes to their positions in the business. Quarry LP bought a new position in The PNC Financial Services Group in the third quarter valued at $25,000. Westfuller Advisors LLC bought a new stake in The PNC Financial Services Group during the 3rd quarter worth about $34,000. JPL Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 3rd quarter worth about $37,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth about $39,000. Finally, Palisade Asset Management LLC acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth about $42,000. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent research reports. TD Cowen lifted their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada increased their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. 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 report on Thursday, December 18th. Finally, Morgan Stanley upped their price objective on The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” 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 issued a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 7,407 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the sale, the executive vice president owned 1,942 shares of the company’s stock, valued at $448,563.16. This represents a 79.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares in the company, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 64,186 shares of company stock worth $14,840,973. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Up 0.5%

Shares of PNC stock opened at $202.10 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The stock has a market cap of $81.52 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.90 and a beta of 0.98. The firm’s 50-day moving average is $220.32 and its 200-day moving average is $205.17. 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 PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to analysts’ expectations 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 revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm posted $3.77 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

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

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.