Van ECK Associates Corp Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC) (2024)

Van ECK Associates Corp raised its stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 14.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,967 shares of the financial services provider's stock after acquiring an additional 9,487 shares during the period. Van ECK Associates Corp's holdings in The PNC Financial Services Group were worth $12,438,000 at the end of the most recent quarter.

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Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. BKM Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $26,000. Tennessee Valley Asset Management Partners acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $26,000. Fortitude Family Office LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $28,000. Householder Group Estate & Retirement Specialist LLC raised its holdings in shares of The PNC Financial Services Group by 350.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider's stock worth $28,000 after buying an additional 140 shares in the last quarter. Finally, Core Wealth Advisors Inc. acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PNC shares. Evercore ISI boosted their price objective on The PNC Financial Services Group from $180.00 to $184.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 25th. Keefe, Bruyette & Woods restated an "underperform" rating and set a $152.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a "neutral" rating in a research report on Monday, April 1st. HSBC upgraded The PNC Financial Services Group from a "reduce" rating to a "hold" rating and upped their price target for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. Finally, Wells Fargo & Company upped their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an "overweight" rating in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Hold" and an average target price of $158.56.

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Insider Buying and Selling

In related news, CEO William S. Demchak sold 641 shares of the company's stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company's stock, valued at approximately $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the completion of the sale, the executive vice president now directly owns 3,502 shares of the company's stock, valued at $545,856.74. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company's stock, valued at $86,900,760.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,132 shares of company stock valued at $328,809. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Down 0.8 %

Shares of The PNC Financial Services Group stock traded down $1.28 on Friday, hitting $156.51. 967,688 shares of the company's stock traded hands, compared to its average volume of 1,878,067. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The company has a fifty day moving average of $155.24 and a two-hundred day moving average of $153.09. The company has a market capitalization of $62.28 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.25 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the company earned $3.98 EPS. The firm's revenue for the quarter was down 8.2% compared to the same quarter last year. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.65 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be paid a dividend of $1.60 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group's dividend payout ratio is 52.06%.

About The PNC Financial Services Group

(Free Report)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

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