Parsons Capital Management Inc. RI Purchases 90 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Parsons Capital Management Inc. RI grew its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,234 shares of the financial services provider’s stock after purchasing an additional 90 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in The PNC Financial Services Group were worth $2,678,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Transcend Capital Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock worth $616,000 after buying an additional 55 shares in the last quarter. Valmark Advisers Inc. increased its stake in The PNC Financial Services Group by 1.4% in the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock worth $773,000 after acquiring an additional 56 shares during the last quarter. TFB Advisors LLC increased its position in shares of The PNC Financial Services Group by 3.3% in the fourth quarter. TFB Advisors LLC now owns 1,799 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 58 shares during the last quarter. Quadrant Capital Group LLC lifted its position in The PNC Financial Services Group by 0.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider’s stock valued at $1,288,000 after purchasing an additional 59 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after buying an additional 59 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $179.14, for a total value of $222,491.88. Following the sale, the chief executive officer now directly owns 556,121 shares of the company’s stock, valued at $99,623,515.94. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president now owns 20,490 shares of the company’s stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,154 shares of company stock worth $2,525,591. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Wells Fargo & Company cut their price objective on 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. Citigroup dropped their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Royal Bank of Canada cut their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, Morgan Stanley decreased their price target on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $202.67.

The PNC Financial Services Group Price Performance

PNC opened at $179.60 on Wednesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $71.04 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The stock’s 50 day moving average price is $165.56 and its 200-day moving average price is $183.02. The PNC Financial Services Group, Inc. has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. On average, equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 3.56%. The PNC Financial Services Group’s payout ratio is 45.20%.

The PNC Financial Services Group Profile

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.