Andra AP fonden Has $5 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Andra AP fonden decreased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 41.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,900 shares of the financial services provider’s stock after selling 17,900 shares during the period. Andra AP fonden’s holdings in The PNC Financial Services Group were worth $5,003,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PNC. Vanguard Group Inc. boosted its stake in The PNC Financial Services Group by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after buying an additional 521,455 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 1.1% during the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock valued at $1,628,302,000 after acquiring an additional 93,346 shares during the period. Norges Bank acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at $1,477,836,000. Invesco Ltd. boosted its stake in shares of The PNC Financial Services Group by 0.5% in the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after purchasing an additional 26,798 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of The PNC Financial Services Group by 134.9% during the 2nd 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 in the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Down 4.9%

NYSE PNC opened at $211.85 on Friday. The stock has a market capitalization of $85.46 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 0.89 and a beta of 0.99. 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 debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $222.28 and a 200-day moving average of $204.44.

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 (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion for 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 firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the business earned $3.77 earnings per share. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current 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 dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is currently 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction 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 directly owned 1,942 shares of the company’s stock, valued at $448,563.16. This represents a 79.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. 0.41% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PNC has been the topic of a number of recent analyst reports. TD Cowen boosted 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 report on Tuesday, January 20th. Truist Financial boosted their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Royal Bank Of Canada raised their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Finally, Barclays increased their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Fifteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

The PNC Financial Services Group 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.