Payden & Rygel Purchases New Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Payden & Rygel purchased a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 120,700 shares of the financial services provider’s stock, valued at approximately $22,263,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. CNB Bank boosted its holdings in shares of The PNC Financial Services Group by 10.0% in the first quarter. CNB Bank now owns 1,468 shares of the financial services provider’s stock worth $271,000 after acquiring an additional 134 shares during the period. LVM Capital Management Ltd. MI boosted its holdings in shares of The PNC Financial Services Group by 5.4% in the first quarter. LVM Capital Management Ltd. MI now owns 3,818 shares of the financial services provider’s stock worth $704,000 after acquiring an additional 195 shares during the period. Baldwin Brothers LLC MA boosted its holdings in shares of The PNC Financial Services Group by 23.3% in the first quarter. Baldwin Brothers LLC MA now owns 83,274 shares of the financial services provider’s stock worth $15,360,000 after acquiring an additional 15,748 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in shares of The PNC Financial Services Group in the first quarter worth $538,000. Finally, Webster Bank N. A. raised its position in shares of The PNC Financial Services Group by 2.7% in the first quarter. Webster Bank N. A. now owns 14,635 shares of the financial services provider’s stock worth $2,700,000 after buying an additional 379 shares in the last quarter. 83.54% of the stock is owned by institutional investors.

A number of research firms have weighed in on PNC. Piper Sandler lowered their price target on The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a research report on Friday, April 1st. Argus decreased their price objective on The PNC Financial Services Group from $245.00 to $220.00 in a report on Monday, April 18th. Raymond James decreased their price objective on The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a report on Monday, April 18th. StockNews.com started coverage on The PNC Financial Services Group in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Wolfe Research cut their target price on The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a research note on Thursday, May 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $215.29.

In other The PNC Financial Services Group news, Director Robert A. Niblock acquired 2,000 shares of the company’s stock in a transaction dated Friday, May 6th. The shares were purchased at an average cost of $167.07 per share, for a total transaction of $334,140.00. Following the completion of the purchase, the director now owns 6,063 shares in the company, valued at $1,012,945.41. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Guild Deborah sold 1,257 shares of the stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $170.56, for a total transaction of $214,393.92. Following the transaction, the executive vice president now owns 23,360 shares in the company, valued at $3,984,281.60. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

The PNC Financial Services Group stock traded down $1.03 during midday trading on Thursday, reaching $155.58. The stock had a trading volume of 3,796 shares, compared to its average volume of 2,043,157. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.54. The PNC Financial Services Group, Inc. has a 52-week low of $149.51 and a 52-week high of $228.14. The firm has a market cap of $64.34 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 2.16 and a beta of 1.24. The company has a fifty day moving average of $166.11 and a 200 day moving average of $188.04.

The PNC Financial Services Group (NYSE:PNCGet Rating) last issued its earnings results on Thursday, April 14th. The financial services provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $2.78 by $0.51. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.72 billion. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $4.10 earnings per share. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 14.19 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 5th. Stockholders of record on Wednesday, April 13th were given a dividend of $1.50 per share. The ex-dividend date was Tuesday, April 12th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.25. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.86%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 50.76%.

About The PNC Financial Services Group (Get Rating)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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