Commerzbank Aktiengesellschaft FI Purchases Shares of 11,010 The PNC Financial Services Group, Inc $PNC

Commerzbank Aktiengesellschaft FI purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel reports. The fund purchased 11,010 shares of the financial services provider’s stock, valued at approximately $2,711,000.

A number of other hedge funds have also recently made changes to their positions in PNC. Brighton Jones LLC boosted its position in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC lifted its stake in The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after acquiring an additional 170 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after acquiring an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina boosted its holdings in The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after acquiring an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at about $482,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value 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. The trade was a 15.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last three months. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $254.65 on Tuesday. The stock’s 50-day moving average is $247.28 and its two-hundred day moving average is $228.73. The firm has a market cap of $101.59 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. 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 PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 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 business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the previous year, the firm earned $3.85 earnings per share. The business’s revenue was up 21.4% compared to the same quarter last year. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.1%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Wall Street Analyst Weigh In

PNC has been the subject of several recent research reports. Oppenheimer raised their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Citigroup upped their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Finally, Stephens upped their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Company 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.