Citizens Financial Group Inc. RI Purchases Shares of 20,262 The PNC Financial Services Group, Inc $PNC

Citizens Financial Group Inc. RI purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 20,262 shares of the financial services provider’s stock, valued at approximately $4,989,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNC. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP purchased a new position in shares of The PNC Financial Services Group during the third quarter worth about $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $29,000. Financial Life Planners purchased a new stake in The PNC Financial Services Group in the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC lifted its position in The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were 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 of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 51,654 shares of company stock worth $11,552,661. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Barclays raised their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a 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 research note on Thursday, July 16th. Finally, Truist Financial increased 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 research report 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. 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 Price Performance

Shares of PNC stock opened at $254.65 on Tuesday. The stock has a market cap of $101.59 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.02 and a beta of 0.91. The business’s fifty day moving average is $247.28 and its 200 day moving average is $228.73. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating 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 business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter last year, the firm posted $3.85 earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. Research analysts expect 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. 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 annualized dividend and a yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 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.