NewEdge Wealth LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 14.9% during the 4th quarter, Holdings Channel reports. The firm owned 21,826 shares of the financial services provider’s stock after purchasing an additional 2,832 shares during the quarter. NewEdge Wealth LLC’s holdings in The PNC Financial Services Group were worth $4,556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of the company. YANKCOM Partnership increased its stake in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider’s stock worth $539,000 after purchasing an additional 46 shares during the last quarter. Westfuller Advisors LLC increased its stake in shares of The PNC Financial Services Group by 26.9% during the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 46 shares during the last quarter. Almanack Investment Partners LLC. increased its stake in shares of The PNC Financial Services Group by 2.2% during the 4th quarter. Almanack Investment Partners LLC. now owns 2,349 shares of the financial services provider’s stock worth $490,000 after purchasing an additional 50 shares during the last quarter. North Star Investment Management Corp. increased its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. North Star Investment Management Corp. now owns 4,784 shares of the financial services provider’s stock worth $999,000 after purchasing an additional 50 shares during the last quarter. Finally, PUREfi Wealth LLC increased its stake in shares of The PNC Financial Services Group by 2.4% during the 4th quarter. PUREfi Wealth LLC now owns 2,305 shares of the financial services provider’s stock worth $481,000 after purchasing an additional 53 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the stock. Truist Financial upped their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Citigroup upped their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $243.11.
The PNC Financial Services Group Stock Performance
NYSE PNC opened at $214.79 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $86.25 billion, a P/E ratio of 12.48, a P/E/G ratio of 0.90 and a beta of 0.94. The PNC Financial Services Group, Inc has a 12-month low of $169.32 and a 12-month high of $243.94. The firm has a 50-day moving average price of $213.49 and a two-hundred day moving average price of $209.92.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the firm posted $3.51 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.
The PNC Financial Services Group Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.
Insider Activity
In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 64,186 shares of company stock worth $14,840,973. Insiders own 0.38% of the company’s stock.
About The PNC Financial Services Group
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.
PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.
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