Webster Bank N. A. Purchases 379 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Webster Bank N. A. lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 2.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,635 shares of the financial services provider’s stock after buying an additional 379 shares during the quarter. Webster Bank N. A.’s holdings in The PNC Financial Services Group were worth $2,700,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. lifted its position in shares of The PNC Financial Services Group by 1.6% in the fourth quarter. BlackRock Inc. now owns 29,974,459 shares of the financial services provider’s stock valued at $6,010,476,000 after acquiring an additional 486,126 shares in the last quarter. State Street Corp raised its stake in The PNC Financial Services Group by 2.8% during the 4th quarter. State Street Corp now owns 19,704,923 shares of the financial services provider’s stock valued at $3,951,231,000 after purchasing an additional 536,564 shares during the period. Capital Research Global Investors lifted its holdings in The PNC Financial Services Group by 10.7% in the 4th quarter. Capital Research Global Investors now owns 16,957,554 shares of the financial services provider’s stock worth $3,400,329,000 after purchasing an additional 1,639,724 shares in the last quarter. Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 6,874,797 shares of the financial services provider’s stock worth $1,374,503,000 after purchasing an additional 139,102 shares during the period. Finally, Norges Bank purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $809,193,000. 83.54% of the stock is owned by institutional investors.

A number of equities analysts recently weighed in on PNC shares. Piper Sandler dropped their target price on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating for the company in a research report on Friday, April 1st. Morgan Stanley cut their price objective on The PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating for the company in a research report on Monday, March 28th. Raymond James reduced their target price on The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a report on Monday, April 18th. Argus dropped their price target on The PNC Financial Services Group from $245.00 to $220.00 in a research note on Monday, April 18th. Finally, StockNews.com assumed coverage on The PNC Financial Services Group in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $215.29.

In related news, Director Robert A. Niblock bought 2,000 shares of the company’s stock in a transaction on Friday, May 6th. The shares were acquired at an average cost of $167.07 per share, for a total transaction of $334,140.00. Following the purchase, the director now directly owns 6,063 shares of the company’s stock, valued at $1,012,945.41. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Guild Deborah sold 1,257 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the transaction, the executive vice president now directly owns 23,360 shares in the company, valued at $3,984,281.60. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

NYSE:PNC opened at $156.61 on Thursday. The firm has a market capitalization of $64.77 billion, a PE ratio of 13.25, a PEG ratio of 2.16 and a beta of 1.24. The stock’s fifty day moving average is $166.11 and its 200 day moving average is $188.04. The PNC Financial Services Group, Inc. has a fifty-two week low of $149.51 and a fifty-two week high of $228.14. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.74 and a current ratio of 0.75.

The PNC Financial Services Group (NYSE:PNCGet Rating) last announced its earnings results on Thursday, April 14th. The financial services provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.78 by $0.51. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The business had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the firm posted $4.10 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 14.19 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 5th. Shareholders of record on Wednesday, April 13th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.83%. The ex-dividend date was Tuesday, April 12th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.25. The PNC Financial Services Group’s payout ratio is 50.76%.

About The PNC Financial Services Group (Get Rating)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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