59,384 Shares in The PNC Financial Services Group, Inc $PNC Purchased by M. Kulyk & Associates LLC

M. Kulyk & Associates LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel reports. The institutional investor bought 59,384 shares of the financial services provider’s stock, valued at approximately $14,622,000. The PNC Financial Services Group comprises about 2.4% of M. Kulyk & Associates LLC’s portfolio, making the stock its 9th largest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $7,921,455,000. Norges Bank acquired a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Viking Global Investors LP grew its stake in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. Deutsche Bank AG bought a new position in The PNC Financial Services Group during the 2nd quarter worth $1,054,189,000. Finally, Bank of New York Mellon Corp acquired a new stake in The PNC Financial Services Group in the second quarter worth $630,949,000. 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 Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Down 0.0%

PNC stock opened at $254.43 on Wednesday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The company has a market capitalization of $101.50 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The firm’s 50-day moving average is $247.74 and its two-hundred day moving average is $228.96. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

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

The PNC Financial Services Group Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PNC shares. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research note on Thursday, July 23rd. Barclays upped their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. Finally, Citigroup upped their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.