180 Wealth Advisors LLC Reduces Position in The PNC Financial Services Group, Inc $PNC

Key Points

• 180 Wealth Advisors cut its PNC stake by 19.4% in the second quarter, selling 4,399 shares and retaining 18,241 shares valued at approximately $4.49 million. Institutional investors collectively own 83.53% of PNC.
• Analysts maintain a favorable outlook, with one Strong Buy, 17 Buy and four Hold ratings. PNC has a consensus “Moderate Buy” rating and an average price target of $265.73.
• PNC exceeded quarterly expectations with $4.85 in earnings per share and $6.88 billion in revenue, while revenue rose 21.4% year over year. The company also increased its quarterly dividend to $2.00 per share, implying a 3.1% annual yield.

180 Wealth Advisors LLC reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 19.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,241 shares of the financial services provider's stock after selling 4,399 shares during the period. 180 Wealth Advisors LLC's holdings in The PNC Financial Services Group were worth $4,491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of PNC. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group during the third quarter worth about $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $29,000. Financial Life Planners acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC grew its stake in shares of The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after buying an additional 71 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Morgan Stanley upped their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Stephens lifted their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Oppenheimer increased their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Barclays raised their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, Truist Financial upped their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $255.29 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $102.52 billion, a P/E ratio of 14.05, a P/E/G ratio of 1.01 and a beta of 0.91. The stock has a 50-day moving average of $242.23 and a two-hundred day moving average of $226.94. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the business earned $3.85 EPS. The PNC Financial Services Group's revenue was up 21.4% on a year-over-year basis. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's dividend payout ratio is 44.03%.

Insider Activity

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group 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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