Daiichi Life Insurance Co. Ltd. Buys Shares of 21,263 The PNC Financial Services Group, Inc $PNC

Daiichi Life Insurance Co. Ltd. purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 21,263 shares of the financial services provider’s stock, valued at approximately $5,235,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Quarry LP purchased a new position in The PNC Financial Services Group in the third quarter worth approximately $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the second quarter worth $28,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth $29,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the first quarter worth $31,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 in the last 90 days. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of several recent analyst reports. Stephens upped their price target 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. Robert W. Baird raised 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 report on Thursday, July 16th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research report on Thursday, July 23rd. Finally, Truist Financial increased their target price 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Stock Up 0.6%

Shares of NYSE PNC opened at $243.05 on Friday. 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 business’s 50 day moving average is $248.28 and its two-hundred day moving average is $229.34. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The firm has a market cap of $96.96 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 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 analyst estimates of $6.51 billion. During the same period last year, the business posted $3.85 earnings per share. The company’s quarterly revenue was up 21.4% on a year-over-year basis. 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 company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

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.