QRG Capital Management Inc. Purchases 6,738 Shares of The PNC Financial Services Group, Inc $PNC

QRG Capital Management Inc. raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 14.9% in the first quarter, HoldingsChannel.com reports. The fund owned 52,107 shares of the financial services provider’s stock after purchasing an additional 6,738 shares during the quarter. QRG Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $10,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Truist Financial Corp lifted its holdings in The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. boosted its position in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the period. Teamwork Financial Advisors LLC bought a new position in The PNC Financial Services Group during the fourth quarter worth $13,711,000. Stoneridge Investment Partners LLC increased its holdings in shares of The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after purchasing an additional 8,818 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of The PNC Financial Services Group by 27.4% in the third quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock valued at $401,650,000 after purchasing an additional 430,261 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Citigroup raised their target price on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Royal Bank Of Canada restated an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Finally, Oppenheimer upped their target price on The PNC Financial Services Group from $268.00 to $271.00 and gave the company an “outperform” rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $252.71.

The PNC Financial Services Group Stock Down 0.1%

PNC opened at $249.13 on Friday. The stock has a fifty day moving average of $226.89 and a 200-day moving average of $220.62. The company has a market capitalization of $100.04 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $254.00. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the company posted $3.51 earnings per share. The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 18.82 EPS for the current year.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s 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 transaction, the executive vice president directly 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 SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock valued at $10,694,574 in the last quarter. Company insiders own 0.38% of the company’s stock.

About The PNC Financial Services Group

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.