Eurizon Capital SGR S.p.A. Invests $35.12 Million in The PNC Financial Services Group, Inc $PNC

Eurizon Capital SGR S.p.A. acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 168,239 shares of the financial services provider’s stock, valued at approximately $35,124,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Vanguard Group Inc. lifted its holdings in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. State Street Corp lifted its holdings in The PNC Financial Services Group by 0.5% during the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock valued at $3,464,462,000 after purchasing an additional 85,291 shares during the last quarter. Capital International Investors lifted its holdings in The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after purchasing an additional 609,755 shares during the last quarter. Geode Capital Management LLC lifted its holdings in The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. Finally, Viking Global Investors LP lifted its holdings in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred 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 owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNC. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. Barclays lifted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Bank of America lifted 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. Finally, Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

The PNC Financial Services Group Stock Up 0.7%

Shares of NYSE:PNC opened at $221.36 on Friday. The PNC Financial Services Group, Inc has a one year low of $170.49 and a one year high of $243.94. The company has a 50 day moving average of $216.27 and a 200-day moving average of $213.05. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market cap of $88.89 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 0.92 and a beta of 0.94.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

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.