Deutsche Bank AG Invests $1.05 Billion in The PNC Financial Services Group, Inc $PNC

Deutsche Bank AG purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,281,492 shares of the financial services provider’s stock, valued at approximately $1,054,189,000.

Other hedge funds have also modified their holdings of the company. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Quarry LP bought a new stake in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in The PNC Financial Services Group in the first quarter worth $31,000. Finally, Wilkerson Advisory Group LLC raised its holdings in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 71 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last 90 days. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $254.65 on Tuesday. The firm has a market cap of $101.59 billion, a P/E ratio of 14.01, a PEG ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The firm’s 50 day moving average price is $247.28 and its two-hundred day moving average price is $228.73.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the firm earned $3.85 earnings per share. The firm’s revenue was up 21.4% compared to the same quarter last year. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PNC shares. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Royal Bank Of Canada raised their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Stephens lifted their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Oppenheimer lifted their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned 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 $265.73.

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.