Danske Bank A S Invests $74.42 Million in The PNC Financial Services Group, Inc $PNC

Danske Bank A S purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, Holdings Channel reports. The fund purchased 302,247 shares of the financial services provider’s stock, valued at approximately $74,419,000.

Several other hedge funds have also added to or reduced their stakes in PNC. Truist Financial Corp boosted its stake in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC raised its stake in shares of The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after buying an additional 8,818 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $35,124,000. Finally, Empire Life Investments Inc. lifted its holdings in The PNC Financial Services Group by 8.7% in the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock valued at $45,319,000 after buying an additional 17,418 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.0%

Shares of NYSE PNC opened at $254.43 on Wednesday. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The stock has a market cap of $101.50 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 1.02 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company’s fifty day moving average is $247.74 and its 200-day moving average is $228.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the company earned $3.85 EPS. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Analyst Ratings Changes

A number of analysts have commented on PNC shares. Barclays lifted their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Robert W. Baird lifted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Stephens increased their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Citigroup raised their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was 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. This represents a 15.14% decrease in their ownership of the stock. 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 in the last quarter. 0.38% of the stock is currently owned by company insiders.

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.