CenterBook Partners LP Takes Position in The PNC Financial Services Group, Inc $PNC

CenterBook Partners LP acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,675 shares of the financial services provider’s stock, valued at approximately $537,000.

A number of other hedge funds also recently made changes to their positions in the stock. Westfuller Advisors LLC purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $34,000. FNY Investment Advisers LLC bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $37,000. True Wealth Design LLC raised its stake in shares of The PNC Financial Services Group by 1,133.3% in the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 204 shares during the period. Bayforest Capital Ltd lifted its stake in The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the last quarter. Finally, Corundum Trust Company INC purchased a new stake in The PNC Financial Services Group in the third quarter worth $49,000. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on PNC. JPMorgan Chase & Co. increased 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 increased 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. Barclays upped their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Finally, Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. 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. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average price target of $234.44.

Insider Activity

In other news, 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 completion of the transaction, the executive vice president owned 18,867 shares in the company, valued at $4,415,066.67. This trade represents a 18.49% 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 Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares of the company’s stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 14,186 shares of company stock worth $3,296,973 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Up 1.1%

Shares of PNC stock opened at $232.95 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The stock has a market capitalization of $91.35 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 0.97 and a beta of 0.99. The company has a 50 day moving average price of $221.41 and a 200 day moving average price of $203.39.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the previous year, the company posted $3.77 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts predict 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 company also recently declared 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 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 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.