ExodusPoint Capital Management LP Invests $74.94 Million in The PNC Financial Services Group, Inc. (NYSE:PNC)

ExodusPoint Capital Management LP acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the 4th quarter, Holdings Channel reports. The fund acquired 388,571 shares of the financial services provider’s stock, valued at approximately $74,936,000. The PNC Financial Services Group accounts for about 0.5% of ExodusPoint Capital Management LP’s investment portfolio, making the stock its 18th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Grant Private Wealth Management Inc bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $243,000. World Investment Advisors boosted its stake in The PNC Financial Services Group by 62.8% during the 4th quarter. World Investment Advisors now owns 3,884 shares of the financial services provider’s stock valued at $749,000 after purchasing an additional 1,498 shares during the last quarter. Nicolet Advisory Services LLC increased its holdings in shares of The PNC Financial Services Group by 3.0% in the 4th quarter. Nicolet Advisory Services LLC now owns 2,931 shares of the financial services provider’s stock worth $554,000 after purchasing an additional 86 shares in the last quarter. SevenBridge Financial Group LLC raised its stake in shares of The PNC Financial Services Group by 8.2% in the fourth quarter. SevenBridge Financial Group LLC now owns 21,770 shares of the financial services provider’s stock worth $4,337,000 after purchasing an additional 1,658 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock valued at $1,453,763,000 after purchasing an additional 726,115 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the completion of the transaction, the chief executive officer now directly owns 526,313 shares of the company’s stock, valued at approximately $101,515,251.44. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 13,662 shares of company stock worth $2,559,389 over the last quarter. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PNC shares. Truist Financial boosted their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Wells Fargo & Company decreased their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, March 28th. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their target price for the stock from $206.00 to $202.00 in a report on Monday. Stephens reiterated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Morgan Stanley increased their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $204.12.

The PNC Financial Services Group Stock Performance

PNC opened at $177.24 on Thursday. The company has a 50 day simple moving average of $186.59 and a two-hundred day simple moving average of $192.07. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $70.14 billion, a P/E ratio of 12.89, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a 1-year low of $143.52 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the business earned $3.16 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

About The PNC Financial Services Group

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.