Groupama Asset Managment Acquires 46,241 Shares of The PNC Financial Services Group, Inc $PNC

Groupama Asset Managment increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 11.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 445,546 shares of the financial services provider’s stock after purchasing an additional 46,241 shares during the quarter. Groupama Asset Managment owned approximately 0.11% of The PNC Financial Services Group worth $76,580,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Berkshire Asset Management LLC PA lifted its position in The PNC Financial Services Group by 1.1% during the 1st quarter. Berkshire Asset Management LLC PA now owns 200,157 shares of the financial services provider’s stock worth $33,372,000 after buying an additional 2,159 shares in the last quarter. Legacy Financial Advisors Inc. increased its position in shares of The PNC Financial Services Group by 3.0% in the first quarter. Legacy Financial Advisors Inc. now owns 16,121 shares of the financial services provider’s stock valued at $2,834,000 after acquiring an additional 475 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at about $503,000. Colonial Trust Advisors raised its holdings in The PNC Financial Services Group by 52.9% during the first quarter. Colonial Trust Advisors now owns 5,470 shares of the financial services provider’s stock worth $962,000 after acquiring an additional 1,893 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $31,726,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $192.06 on Tuesday. The firm has a market cap of $75.63 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The business’s 50 day moving average is $189.24 and its 200-day moving average is $179.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $5.61 billion. During the same quarter last year, the business earned $3.39 EPS. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. Equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were paid a $1.70 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.5%. The PNC Financial Services Group’s dividend payout ratio is presently 46.51%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNC. Bank of America boosted their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a “hold” rating in a report on Wednesday, July 9th. Wolfe Research reiterated a “peer perform” rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a “buy” rating and a $233.00 price objective for the company. Finally, Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $214.17.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.