Truist Financial Corp Acquires 39,589 Shares of The PNC Financial Services Group, Inc $PNC

Truist Financial Corp boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.3% during the fourth quarter, HoldingsChannel reports. The fund owned 1,242,483 shares of the financial services provider’s stock after purchasing an additional 39,589 shares during the quarter. Truist Financial Corp’s holdings in The PNC Financial Services Group were worth $259,344,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PNC. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of The PNC Financial Services Group by 12.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock valued at $11,621,000 after purchasing an additional 6,572 shares during the last quarter. US Bancorp DE boosted its stake in shares of The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock valued at $57,714,000 after purchasing an additional 34,009 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of The PNC Financial Services Group by 1.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after purchasing an additional 22,325 shares during the last quarter. National Pension Service boosted its stake in shares of The PNC Financial Services Group by 2.5% in the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after purchasing an additional 26,305 shares during the last quarter. Finally, Savant Capital LLC boosted its stake in shares of The PNC Financial Services Group by 8.7% in the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after purchasing an additional 7,064 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Up 0.1%

Shares of NYSE PNC opened at $220.92 on Monday. The firm has a market cap of $89.11 billion, a PE ratio of 12.84, a P/E/G ratio of 0.92 and a beta of 0.94. The PNC Financial Services Group, Inc has a 12-month low of $163.11 and a 12-month high of $243.94. The company’s fifty day simple moving average is $213.91 and its 200 day simple moving average is $208.57. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.51 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio is currently 39.51%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 64,186 shares of company stock valued at $14,840,973 in the last ninety days. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research note on Thursday. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. TD Cowen upped their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $241.72.

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.