Meiji Yasuda Asset Management Co Ltd. Invests $2.12 Million in The PNC Financial Services Group, Inc $PNC

Meiji Yasuda Asset Management Co Ltd. purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, Holdings Channel reports. The fund purchased 8,589 shares of the financial services provider’s stock, valued at approximately $2,115,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Truist Financial Corp grew its position in shares of The PNC Financial Services Group by 3.3% during 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 buying an additional 39,589 shares during the last quarter. Vanguard Group Inc. lifted its holdings in The PNC Financial Services Group by 1.1% in 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 acquiring an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC lifted its holdings in The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after acquiring 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. boosted its stake 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 acquiring an additional 17,418 shares during the period. 83.53% of the stock is owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was 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 approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 6,654 shares of company stock valued at $1,627,011. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $243.70 on Tuesday. The firm’s 50 day moving average is $248.56 and its two-hundred day moving average is $229.42. The firm has a market capitalization of $97.22 billion, a P/E ratio of 13.41, a PEG ratio of 0.96 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the firm posted $3.85 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. Analysts anticipate 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 firm 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 is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Analyst Ratings Changes

A number of analysts have recently weighed in on PNC shares. Stephens increased their price target 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. JPMorgan Chase & Co. boosted their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. UBS Group upped their price objective on 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. Wells Fargo & Company increased their target price 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. Finally, Truist Financial raised their target price on 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. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

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.