Davis Selected Advisers Purchases 6,549 Shares of The PNC Financial Services Group, Inc $PNC

Davis Selected Advisers increased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 502,357 shares of the financial services provider’s stock after buying an additional 6,549 shares during the period. Davis Selected Advisers owned 0.13% of The PNC Financial Services Group worth $93,649,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $27,000. IMG Wealth Management Inc. purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $27,000. Concord Wealth Partners increased its holdings in shares of The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after buying an additional 100 shares during the last quarter. WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at about $36,000. Finally, FNY Investment Advisers LLC bought a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $37,000. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 2,151 shares of company stock worth $400,092. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

PNC stock opened at $183.96 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The firm has a market cap of $72.14 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.26 and a beta of 1.12. The business’s fifty day simple moving average is $192.10 and its two-hundred day simple moving average is $187.68. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.49 earnings per share. 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 was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PNC. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. Finally, Evercore ISI increased their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

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.