Commerce Bank Takes $11.89 Million Position in The PNC Financial Services Group, Inc $PNC

Commerce Bank bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 48,309 shares of the financial services provider’s stock, valued at approximately $11,895,000.

Several other hedge funds have also recently made changes to their positions in the company. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth about $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 purchased a new position in The PNC Financial Services Group during the 3rd quarter worth approximately $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Finally, Financial Life Planners purchased a new position in The PNC Financial Services Group during the 1st quarter worth approximately $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on PNC shares. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective on the stock. in a report on Thursday, July 23rd. Robert W. Baird raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Stephens boosted their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Finally, 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. 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Activity at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 51,654 shares of company stock worth $11,552,661 in the last ninety days. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Down 0.0%

The PNC Financial Services Group stock opened at $243.05 on Monday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The stock has a market capitalization of $96.96 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The business has a 50 day simple moving average of $248.28 and a 200-day simple moving average of $229.35.

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, beating analysts’ consensus estimates of $4.46 by $0.39. The firm 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 quarter last year, the company earned $3.85 EPS. On average, analysts anticipate 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 given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a positive change 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%.

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.