The PNC Financial Services Group, Inc $PNC Stake Raised by Van ECK Associates Corp

Van ECK Associates Corp boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 41,619 shares of the financial services provider’s stock after buying an additional 2,180 shares during the quarter. Van ECK Associates Corp’s holdings in The PNC Financial Services Group were worth $10,247,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PNC. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $28,000. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter valued at $25,000. Archer Investment Corp purchased a new stake in shares of The PNC Financial Services Group in the second quarter valued at $33,000. Finally, Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PNC. Citigroup raised their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. UBS Group upped their target price on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $265.73.

Insiders Place Their Bets

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,654 shares of company stock worth $1,627,011 over the last three months. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $237.38 on Wednesday. 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 firm has a 50-day moving average of $249.48 and a 200-day moving average of $229.54. The firm has a market cap of $94.70 billion, a P/E ratio of 13.06, a P/E/G ratio of 0.95 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.85 EPS. Sell-side 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 business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. 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 yield of 3.4%. The PNC Financial Services Group’s payout ratio is currently 44.03%.

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.