Norges Bank Acquires Shares of 9,424,039 The PNC Financial Services Group, Inc $PNC

by · The Cerbat Gem

Norges Bank acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,424,039 shares of the financial services provider’s stock, valued at approximately $1,967,080,000.

A number of other institutional investors have also recently bought and sold shares of PNC. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group in the 4th quarter valued at $35,000. JPL Wealth Management LLC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $37,000. Financial Life Planners bought a new position in The PNC Financial Services Group in the 3rd quarter valued at $39,000. Finally, Cornerstone Planning Group LLC grew its stake in The PNC Financial Services Group by 2,100.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 168 shares during the period. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Up 0.7%

PNC stock opened at $221.36 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market capitalization of $88.89 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 0.91 and a beta of 0.94. The PNC Financial Services Group, Inc has a fifty-two week low of $170.49 and a fifty-two week high of $243.94. The stock has a fifty day moving average of $216.27 and a 200-day moving average of $213.05.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.51 EPS. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Citigroup upped their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Oppenheimer upped their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. upped their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Morgan Stanley upped their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Finally, Bank of America upped their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $243.11.

Get Our Latest Report on PNC

About The PNC Financial Services Group

(Free Report)

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.

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