United Capital Financial Advisors LLC Acquires New Shares in The PNC Financial Services Group, Inc $PNC

United Capital Financial Advisors LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 18,337 shares of the financial services provider’s stock, valued at approximately $4,515,000.

Several other large investors also recently bought and sold shares of PNC. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $7,921,455,000. Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $1,967,080,000. Bank of America Corp DE acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $2,102,631,000. Viking Global Investors LP increased its holdings 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 valued at $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at about $1,054,189,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $242.24 on Friday. The firm has a market cap of $96.64 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. 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 company’s 50-day moving average is $249.40 and its two-hundred day moving average is $229.61. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results 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 company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the company earned $3.85 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. This is an increase 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 dividend payout ratio (DPR) is 44.03%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’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 sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 6,654 shares of company stock valued at $1,627,011. Company insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

PNC has been the topic of several recent research reports. Truist Financial upped their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Argus raised their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $270.00 to $285.00 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 research note on Wednesday, July 15th. Finally, Stephens increased their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock 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.