Hsbc Holdings PLC Acquires New Position in The PNC Financial Services Group, Inc $PNC

Hsbc Holdings PLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,091,133 shares of the financial services provider’s stock, valued at approximately $268,765,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PNC. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $28,000. Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $29,000. Finally, Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on PNC. Truist Financial upped 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 report on Thursday, July 16th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. UBS Group increased their target price 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. Finally, Morgan Stanley raised their target price on 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. One investment 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Buying and Selling

In other news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group 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 directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 6,654 shares of company stock worth $1,627,011. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 0.2%

The PNC Financial Services Group stock opened at $244.15 on Wednesday. The firm has a market capitalization of $97.40 billion, a P/E ratio of 13.44, a P/E/G ratio of 0.97 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 twelve month low of $176.88 and a twelve month high of $258.96. The stock’s fifty day simple moving average is $248.75 and its 200-day simple moving average is $229.47.

The PNC Financial Services Group (NYSE:PNC) last released its 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 firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.85 EPS. As a group, equities analysts expect 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 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. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s payout ratio is currently 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.