Mach 1 Financial Group LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the fourth quarter, Holdings Channel reports. The fund acquired 6,259 shares of the financial services provider’s stock, valued at approximately $1,306,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $34,000. Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $35,000. JPL Wealth Management LLC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $37,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $39,000. Institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Trading Up 1.7%
NYSE:PNC opened at $216.96 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $87.13 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 0.88 and a beta of 0.94. The PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94. The firm has a 50-day moving average price of $213.87 and a two-hundred day moving average price of $211.44.
The PNC Financial Services Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 39.51%.
Insider Activity
In other news, CEO William S. Demchak sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.38% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised 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 report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Barclays raised 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 report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Bank of America raised their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $243.11.
View Our Latest Report on The PNC Financial Services Group
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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