Thrivent Financial for Lutherans Grows Stock Position in The PNC Financial Services Group, Inc $PNC

Thrivent Financial for Lutherans lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 56.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,035 shares of the financial services provider’s stock after acquiring an additional 14,791 shares during the period. Thrivent Financial for Lutherans’ holdings in The PNC Financial Services Group were worth $7,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in The PNC Financial Services Group by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock worth $7,174,760,000 after purchasing an additional 521,455 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 1.1% in the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after buying an additional 93,346 shares in the last quarter. Norges Bank acquired a new position in The PNC Financial Services Group during the second quarter worth about $1,477,836,000. Invesco Ltd. grew its stake in The PNC Financial Services Group by 0.5% during the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after acquiring an additional 26,798 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in The PNC Financial Services Group by 0.5% in the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after acquiring an additional 24,588 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $209.54 on Friday. The stock has a fifty day simple moving average of $189.72 and a 200-day simple moving average of $192.08. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a market cap of $82.17 billion, a PE ratio of 13.54, a P/E/G ratio of 1.18 and a beta of 1.01. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $213.03.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations 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 PNC Financial Services Group’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.49 earnings per share. Equities analysts anticipate 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 disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNC. UBS Group boosted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Evercore ISI boosted their price objective on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Truist Financial raised their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. Finally, Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average price target of $219.11.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of the business’s 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 sale, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was 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 this link. 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 of the company’s stock, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is currently owned by company 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.