Delta Global Management LP Raises Stock Holdings in The PNC Financial Services Group, Inc $PNC

Delta Global Management LP boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 83.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 127,474 shares of the financial services provider’s stock after acquiring an additional 57,982 shares during the quarter. The PNC Financial Services Group comprises about 2.2% of Delta Global Management LP’s portfolio, making the stock its 13th largest position. Delta Global Management LP’s holdings in The PNC Financial Services Group were worth $26,526,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp raised its stake in shares of The PNC Financial Services Group by 71.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 24,342 shares of the financial services provider’s stock worth $5,065,000 after purchasing an additional 10,176 shares during the last quarter. Bradley Foster & Sargent Inc. CT boosted its position in The PNC Financial Services Group by 14.3% in the first quarter. Bradley Foster & Sargent Inc. CT now owns 5,233 shares of the financial services provider’s stock valued at $1,089,000 after buying an additional 653 shares during the last quarter. Lombard Odier Asset Management Switzerland SA boosted its position in The PNC Financial Services Group by 51.1% in the first quarter. Lombard Odier Asset Management Switzerland SA now owns 40,828 shares of the financial services provider’s stock valued at $8,496,000 after buying an additional 13,812 shares during the last quarter. Lombard Odier Asset Management USA Corp acquired a new position in The PNC Financial Services Group in the 1st quarter worth approximately $234,000. Finally, Aristotle Atlantic Partners LLC acquired a new position in The PNC Financial Services Group in the 1st quarter worth approximately $624,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last quarter. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Up 0.5%

Shares of NYSE:PNC opened at $250.59 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $256.49. The business has a 50 day moving average of $236.91 and a two-hundred day moving average of $224.87. The company has a market capitalization of $100.63 billion, a PE ratio of 13.79, a PEG ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.85 EPS. As a group, analysts forecast 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 will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PNC. UBS Group lifted their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Robert W. Baird increased their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Barclays raised their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. Finally, Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $265.48.

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.