Basswood Capital Management L.L.C. Buys Shares of 56,169 The PNC Financial Services Group, Inc $PNC

Basswood Capital Management L.L.C. bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 56,169 shares of the financial services provider’s stock, valued at approximately $13,830,000.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $7,921,455,000. State Street Corp boosted its stake in The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after acquiring an additional 77,302 shares during the last quarter. Capital International Investors grew its holdings in The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares in the last quarter. Norges Bank acquired a new position in The PNC Financial Services Group during the 4th quarter worth $1,967,080,000. Finally, Geode Capital Management LLC increased its position in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,654 shares of company stock worth $1,627,011 over the last ninety days. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4%

Shares of NYSE:PNC opened at $245.04 on Thursday. The stock has a market capitalization of $97.76 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The company’s fifty day moving average is $248.99 and its two-hundred day moving average is $229.52. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the firm posted $3.85 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PNC shares. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research note on Thursday, July 23rd. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Morgan Stanley upped their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Finally, Truist Financial increased their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $265.73.

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.