Haverford Trust Co Purchases New Position in The PNC Financial Services Group, Inc $PNC

Haverford Trust Co purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 22,937 shares of the financial services provider’s stock, valued at approximately $5,648,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $7,921,455,000. Norges Bank purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $1,967,080,000. Viking Global Investors LP boosted its holdings in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Deutsche Bank AG purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at $1,054,189,000. Finally, Bank of New York Mellon Corp purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at $630,949,000. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PNC. Argus boosted their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Robert W. Baird lifted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Oppenheimer upped 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. Citigroup raised their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Truist Financial upped their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Price Performance

PNC stock opened at $243.05 on Friday. 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 has a 50 day moving average price of $248.28 and a 200-day moving average price of $229.34. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The firm has a market capitalization of $96.96 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 EPS. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. Equities research 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. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insider Buying and Selling

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated 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 completion of the transaction, the director owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 51,654 shares of company stock valued at $11,552,661 over the last ninety days. 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.