Shepherd Financial Partners LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,211 shares of the financial services provider’s stock, valued at approximately $544,000.
Several other hedge funds also recently made changes to their positions in the company. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $28,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Finally, Financial Life Planners purchased a new position in The PNC Financial Services Group during the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Stock Down 3.0%
PNC opened at $246.56 on Thursday. The business has a 50 day moving average price of $248.01 and a two-hundred day moving average price of $229.11. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company has a market cap of $98.36 billion, a PE ratio of 13.57, a P/E/G ratio of 1.01 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96.
The PNC Financial Services Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 44.03%.
Wall Street Analysts Forecast Growth
PNC has been the subject of a number of research reports. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research report on Thursday, July 23rd. Citigroup lifted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a report on Monday, July 20th. Royal Bank Of Canada upped their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, Robert W. Baird increased their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $265.73.
Read Our Latest Report on The PNC Financial Services Group
Insider Activity
In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 51,654 shares of company stock valued at $11,552,661. Corporate insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Company Profile
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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