Capital Research & Management Co has recently announced that it has increased stake in PNC Financial Services Group Inc (NYSE:PNC) by 59.57%. After grabbing 13.76 million shares, the institutional investor is now in possession of 5.14 million shares of the Financial Company. The new investment brought the stake of investor firm to 3.46% having worth around $1.58 billion. Moreover, JPMorgan Investment Management, I increased its share by 0.57 million to have a control over 8.36 million shares. And Fidelity Management & Research Co raised its holdings to 0.31 million shares by acquiring 8.16 million shares or 2.05% of the stake.
PNC Financial Services Group Inc (PNC) concluded trading on 12/14/23 at a closing price of $153.31, with 4.27 million shares of worth about $654.6 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 19.04% during that period and on Thursday the price saw a gain of about 4.78%. Currently the company’s common shares owned by public are about 401.00M shares, out of which, 396.81M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 112 times over the past 12 months. They bought 217,188 shares in 54 of the transactions. In 58 selling transactions, insiders dumped 101,928 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and American Mutual Fund are the top 3 mutual funds which are holding stakes in PNC Financial Services Group Inc Vanguard Total Stock Market ETF is currently holding 12.47 million shares of worth totaling $1.43 billion. The company recently came buying 59485.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. Vanguard 500 Index Fund bought 47813.0 shares, after which its hold over company’s outstanding shares expand to 2.42%, leaving 9.62 million shares with the mutual fund that have a worth of about $1.1 billion. American Mutual Fund, after buying 6.63 million shares, have now control over 1.67% of the stake in the company. It holds 2.64 million shares of worth $759.11 million.
However, the stock later moved at a day high price of 154.13, or with a gain of 4.78%. Stock saw a price change of 9.69% in past 5 days and over the past one month there was a price change of 21.04%. Year-to-date (YTD), PNC shares are showing a performance of -2.93% which decreased to -0.47% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $109.40 but also hit the highest price of $169.07 during that period. The average intraday trading volume for PNC Financial Services Group Inc shares is 2.17 million. The stock is currently trading 13.79% above its 20-day simple moving average (SMA20), while that difference is up 23.01% for SMA50 and it goes to 22.37% higher than SMA200.
Capital Research & Management Co acquired 13.76 million shares of PNC Financial Services Group Inc having value of about $1.58 billion. Data submitted at the U.S SEC by Capital Research & Management Co revealed that the firm now holds 5.14 million shares in the company valued at close to $787559909.02, or have control over 59.57% stake in the company. PNC Financial Services Group Inc (NYSE: PNC) currently have 401.00M outstanding shares and institutions hold larger chunk of about 83.09% of that. Holding of mutual funds in the company is about 34.34% while other institutional holders and individual stake holders have control over 49.25% and 0.85% of the stake respectively.
The stock has a current market capitalization of $61.07B and its 3Y-monthly beta is at 1.15. PE ratio of stock for trailing 12 months is 10.64, while it has posted earnings per share of $14.40 in the same period. It has a debt-to-equity ratio of 1.37. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PNC, volatility over the week remained 2.48% while standing at 2.09% over the month.
Analysts are in expectations that PNC Financial Services Group Inc (PNC) stock would likely to be making an EPS of $2.8 in the current quarter, while forecast for next quarter EPS is $3.01 and it is $12.43 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.65 which is $3.29 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $3.47 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -3.59% while it is estimated to decrease by -5.72% in next year. EPS is likely to shrink at an annualized rate of -4.02% for next 5-years, compared to annual growth of 5.98% made by the stock over the past 5-years.
