Legal & General Group Plc Acquires 97,707 Shares of The PNC Financial Services Group, Inc $PNC

Legal & General Group Plc increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,726,425 shares of the financial services provider’s stock after purchasing an additional 97,707 shares during the quarter. Legal & General Group Plc owned approximately 0.70% of The PNC Financial Services Group worth $547,821,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new stake in The PNC Financial Services Group during the second quarter worth about $1,477,836,000. Viking Global Investors LP acquired a new position in The PNC Financial Services Group in the second quarter valued at approximately $442,871,000. AQR Capital Management LLC boosted its position in The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after purchasing an additional 1,917,530 shares in the last quarter. Federated Hermes Inc. boosted its position in The PNC Financial Services Group by 43.8% in the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after purchasing an additional 845,148 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of The PNC Financial Services Group by 491.7% during the 2nd quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock worth $187,525,000 after purchasing an additional 835,926 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PNC. JPMorgan Chase & Co. lifted 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. Royal Bank Of Canada boosted their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. TD Cowen upped their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Finally, Truist Financial lifted their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $206.27 on Wednesday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The stock has a 50 day simple moving average of $221.94 and a 200-day simple moving average of $205.29. The company has a market cap 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 PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The business had revenue of $6.07 billion for the quarter, compared to analysts’ expectations 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 company’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.77 EPS. On average, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

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

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president owned 18,867 shares in the company, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 64,186 shares of company stock worth $14,840,973. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Profile

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.