Fjarde AP Fonden Fourth Swedish National Pension Fund Buys 11,700 Shares of The PNC Financial Services Group, Inc $PNC

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 23.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,883 shares of the financial services provider’s stock after buying an additional 11,700 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in The PNC Financial Services Group were worth $11,536,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Avior Wealth Management LLC grew its stake in The PNC Financial Services Group by 4.5% in the 2nd quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 52 shares during the period. Rockland Trust Co. grew its stake in The PNC Financial Services Group by 0.5% in the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock valued at $1,957,000 after purchasing an additional 53 shares during the period. Almanack Investment Partners LLC. grew its stake in The PNC Financial Services Group by 2.3% in the 2nd quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 55 shares during the period. Rosenberg Matthew Hamilton grew its stake in The PNC Financial Services Group by 15.0% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 56 shares during the period. Finally, Kestra Investment Management LLC grew its stake in The PNC Financial Services Group by 11.4% in the 1st quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider’s stock valued at $99,000 after purchasing an additional 58 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 1.0%

PNC stock opened at $183.09 on Wednesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $72.10 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 1.29 and a beta of 1.10. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The stock has a fifty day moving average of $196.84 and a 200-day moving average of $185.45.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.49 EPS. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PNC shares. Evercore ISI upped their price objective on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Stephens restated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Morgan Stanley upped their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Citigroup upped their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Finally, Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.