Franklin Resources Inc. Boosts Stock Position in The PNC Financial Services Group, Inc $PNC

Franklin Resources Inc. raised its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 0.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 8,031,778 shares of the financial services provider’s stock after purchasing an additional 71,606 shares during the period. Franklin Resources Inc.’s holdings in The PNC Financial Services Group were worth $1,676,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $25,000. Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Beacon Financial Strategies CORP purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $35,000. Cornerstone Planning Group LLC raised its stake in shares of The PNC Financial Services Group by 2,100.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock worth $39,000 after buying an additional 168 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $37,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.2%

Shares of PNC stock opened at $228.76 on Monday. The PNC Financial Services Group, Inc has a fifty-two week low of $172.73 and a fifty-two week high of $243.94. The stock has a market cap of $91.86 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.95 and a beta of 0.92. The business has a fifty day simple moving average of $218.12 and a 200-day simple moving average of $214.61. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.51 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Truist Financial raised their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. Bank of America raised their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Barclays boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.11.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.38% of the company’s stock.

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.