Sumitomo Life Insurance Co. Takes Position in The PNC Financial Services Group, Inc $PNC

Sumitomo Life Insurance Co. bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,786 shares of the financial services provider’s stock, valued at approximately $932,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cvfg LLC raised its position in The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after acquiring an additional 43 shares in the last quarter. Trust Asset Management LLC grew its stake in shares of The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after purchasing an additional 43 shares during the period. Baron Wealth Management LLC grew its stake in shares of The PNC Financial Services Group by 3.0% during the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 46 shares during the period. Atom Investors LP increased its holdings in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock valued at $529,000 after purchasing an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. increased its holdings in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock valued at $2,847,000 after purchasing an additional 48 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PNC. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective for the company. in a report on Thursday, July 23rd. Stephens upped their price objective on shares of 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. UBS Group increased their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was 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 approximately $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 have sold 51,654 shares of company stock worth $11,552,661 in the last ninety days. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Up 0.6%

Shares of NYSE:PNC opened at $243.05 on Friday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The firm has a market capitalization of $96.96 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The business’s 50 day moving average price is $248.28 and its 200-day moving average price is $229.34.

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

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

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.