Mitsubishi UFJ Asset Management Co. Ltd. Buys New Stake in The PNC Financial Services Group, Inc $PNC

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 978,852 shares of the financial services provider’s stock, valued at approximately $241,013,000.

A number of other hedge funds also recently bought and sold shares of the business. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth about $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $29,000. Financial Life Planners purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC raised its position in shares of The PNC Financial Services Group by 93.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after buying an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.9%

PNC opened at $254.65 on Tuesday. 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 stock’s 50 day moving average price is $247.28 and its 200-day moving average price is $228.73. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The stock has a market cap of $101.59 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last issued 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 return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the company earned $3.85 EPS. The PNC Financial Services Group’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities 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 was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is a positive change 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 3.1%. The PNC Financial Services Group’s payout ratio is 44.03%.

Analysts Set New Price Targets

Several research firms recently commented on PNC. Truist Financial lifted their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Morgan Stanley raised 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. Argus lifted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Citigroup boosted their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,654 shares of company stock valued at $11,552,661 over the last ninety days. Company insiders own 0.38% of the company’s stock.

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.