Cibc World Market Inc. Grows Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

by · The Markets Daily

https://www.americanbankingnews.com/wp-content/timthumb/timthumb.php?w=250&h=150&zc=2&src=https://www.marketbeat.com/logos/pnc-financial-services-logo.jpg
Cibc World Market Inc. boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 182.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,923 shares of the financial services provider’s stock after acquiring an additional 4,473 shares during the quarter. Cibc World Market Inc.’s holdings in The PNC Financial Services Group were worth $872,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. 1832 Asset Management L.P. raised its position in The PNC Financial Services Group by 33.5% in the first quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 67 shares in the last quarter. Nilsine Partners LLC raised its position in The PNC Financial Services Group by 1.7% in the second quarter. Nilsine Partners LLC now owns 4,701 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 78 shares in the last quarter. KCM Investment Advisors LLC raised its position in The PNC Financial Services Group by 7.1% in the first quarter. KCM Investment Advisors LLC now owns 1,194 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 79 shares in the last quarter. Bradley Foster & Sargent Inc. CT raised its position in The PNC Financial Services Group by 2.3% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 3,645 shares of the financial services provider’s stock worth $576,000 after acquiring an additional 82 shares in the last quarter. Finally, Private Trust Co. NA increased its position in shares of The PNC Financial Services Group by 1.2% in the second quarter. Private Trust Co. NA now owns 7,437 shares of the financial services provider’s stock valued at $937,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,533 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $132.51, for a total transaction of $203,137.83. Following the transaction, the executive vice president now directly owns 17,092 shares of the company’s stock, valued at approximately $2,264,860.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 price target on shares of The PNC Financial Services Group in a research report on Tuesday, October 24th. StockNews.com cut The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, November 17th. Stephens restated an “equal weight” rating and issued a $138.00 price target on shares of The PNC Financial Services Group in a research report on Tuesday. Morgan Stanley dropped their price target on The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating for the company in a research report on Tuesday, October 3rd. Finally, Piper Sandler increased their price objective on The PNC Financial Services Group from $130.00 to $131.00 and gave the company a “neutral” rating in a research note on Friday, September 15th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $148.65.

Read Our Latest Stock Report on PNC

The PNC Financial Services Group Stock Down 1.5 %

Shares of NYSE:PNC opened at $138.66 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.82 and a current ratio of 0.82. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $169.07. The stock has a market capitalization of $55.23 billion, a P/E ratio of 9.62, a PEG ratio of 1.24 and a beta of 1.17. The stock has a 50-day simple moving average of $122.39 and a 200-day simple moving average of $124.31.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its earnings results on Friday, October 13th. The financial services provider reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.10 by $0.50. The business had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.32 billion. The PNC Financial Services Group had a return on equity of 12.91% and a net margin of 20.39%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.78 EPS. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.86 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, November 5th. Investors of record on Tuesday, October 17th were given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend was Monday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.03%.

The PNC Financial Services Group Company Profile

(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 certificates of 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.

See Also

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report).