PDT Partners LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 16,075 shares of the financial services provider’s stock, valued at approximately $3,958,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares during the last quarter. Empowered Funds LLC grew its holdings in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after purchasing an additional 170 shares during the period. Sivia Capital Partners LLC increased its position in The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after buying an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after buying an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $482,000. 83.53% of the stock is owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Up 0.2%
PNC stock opened at $244.15 on Wednesday. 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 firm has a market capitalization of $97.40 billion, a PE ratio of 13.44, a PEG ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The stock has a 50-day simple moving average of $248.75 and a two-hundred day simple moving average of $229.47.
The PNC Financial Services Group Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.
Insiders Place Their Bets
In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,654 shares of company stock worth $1,627,011 in the last ninety days. 0.38% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on PNC shares. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Argus increased their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. UBS Group lifted their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Citigroup upped their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.
Get Our Latest Stock Analysis on The PNC Financial Services Group
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.
Featured Articles
- Five stocks we like better than The PNC Financial Services Group
- Pathward’s Credit Scare Tests Its Comeback Story
- Wiring the AI Boom: Rumble’s $13.7B Pivot
- StoneX: Too Far Too Fast?
- DICK’s Sporting Goods Faces Pain Now for a Bigger Prize
Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC – Free Report).
Receive News & Ratings for The PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.
