Zacks Investment Management Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Zacks Investment Management lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 432,606 shares of the financial services provider’s stock after buying an additional 45,547 shares during the quarter. Zacks Investment Management owned 0.11% of The PNC Financial Services Group worth $79,967,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PNC. International Assets Investment Management LLC boosted its stake in shares of The PNC Financial Services Group by 12,940.0% in the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock valued at $99,262,000 after buying an additional 532,871 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of The PNC Financial Services Group by 160.9% in the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after buying an additional 433,178 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of The PNC Financial Services Group by 152.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after buying an additional 276,200 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in The PNC Financial Services Group by 88.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock worth $108,217,000 after purchasing an additional 274,186 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after purchasing an additional 262,654 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $183.74, for a total transaction of $228,205.08. Following the completion of the sale, the chief executive officer now owns 549,733 shares of the company’s stock, valued at approximately $101,007,941.42. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,788 shares of company stock valued at $5,613,814. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $208.62 on Friday. The company has a market cap of $82.78 billion, a P/E ratio of 17.63, a P/E/G ratio of 2.18 and a beta of 1.15. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 52 week low of $139.19 and a 52 week high of $216.26. The business has a fifty day simple moving average of $196.11 and a 200-day simple moving average of $177.92.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.60 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PNC shares. Stephens lifted their price objective on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Evercore ISI lifted their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Piper Sandler lifted their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $195.84.

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.