24,385 Shares in The PNC Financial Services Group, Inc $PNC Acquired by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 24,385 shares of the financial services provider’s stock, valued at approximately $4,900,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriflex Group Inc. raised its holdings in shares of The PNC Financial Services Group by 101.3% during the 3rd quarter. Ameriflex Group Inc. now owns 1,572 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 791 shares during the period. Angeles Wealth Management LLC grew its holdings in shares of The PNC Financial Services Group by 5.1% in the third quarter. Angeles Wealth Management LLC now owns 1,256 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 61 shares during the period. Blair William & Co. IL grew its holdings in shares of The PNC Financial Services Group by 12.0% in the third quarter. Blair William & Co. IL now owns 56,166 shares of the financial services provider’s stock valued at $11,285,000 after purchasing an additional 6,015 shares during the period. First Trust Advisors LP increased its position in The PNC Financial Services Group by 27.4% during the third quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock worth $401,650,000 after purchasing an additional 430,261 shares during the last quarter. Finally, Orleans Capital Management Corp LA purchased a new position in The PNC Financial Services Group during the third quarter worth about $992,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares in the company, valued at $127,970,781.12. This represents a 8.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 64,186 shares of company stock valued at $14,840,973 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. TD Cowen lifted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $206.26 on Friday. The business has a 50-day moving average of $222.17 and a 200 day moving average of $205.11. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94. The stock has a market capitalization of $83.20 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 0.86 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The PNC Financial Services Group’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.77 EPS. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s payout ratio is 40.99%.

About The PNC Financial Services Group

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.