Barclays PLC Increases Stake in The PNC Financial Services Group, Inc $PNC

Barclays PLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 15.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,317,867 shares of the financial services provider’s stock after buying an additional 174,157 shares during the quarter. Barclays PLC owned approximately 0.34% of The PNC Financial Services Group worth $264,799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group during the third quarter valued at approximately $34,000. True Wealth Design LLC grew its holdings in The PNC Financial Services Group by 1,133.3% during the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after buying an additional 204 shares in the last quarter. Bayforest Capital Ltd increased its stake in The PNC Financial Services Group by 237.1% in the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 147 shares during the last quarter. Corundum Trust Company INC purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $49,000. Finally, Country Trust Bank boosted its position in shares of The PNC Financial Services Group by 38.9% during the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 68 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 2.9%

NYSE:PNC opened at $206.26 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $243.94. The company has a 50-day moving average of $222.17 and a 200 day moving average of $205.02. The firm has a market cap of $83.20 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 0.89 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate 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 business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the previous year, the business posted $3.77 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group’s payout ratio is 40.99%.

Insider Buying and Selling

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction dated 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 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 over the last quarter. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of several research reports. TD Cowen boosted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. increased their price target 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. Truist Financial upped their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research report on Tuesday, January 20th. Finally, Oppenheimer raised their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus 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.