Wealth Management Strategies Inc. Takes $429,000 Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Wealth Management Strategies Inc. acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,224 shares of the financial services provider's stock, valued at approximately $429,000. The PNC Financial Services Group comprises about 0.3% of Wealth Management Strategies Inc.'s holdings, making the stock its 22nd biggest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNC. Breed s Hill Capital LLC lifted its holdings in The PNC Financial Services Group by 11.2% during the fourth quarter. Breed s Hill Capital LLC now owns 1,211 shares of the financial services provider's stock valued at $234,000 after purchasing an additional 122 shares in the last quarter. Vise Technologies Inc. lifted its holdings in The PNC Financial Services Group by 52.7% during the fourth quarter. Vise Technologies Inc. now owns 4,593 shares of the financial services provider's stock valued at $886,000 after purchasing an additional 1,585 shares in the last quarter. Novem Group purchased a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $3,588,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in The PNC Financial Services Group by 14.6% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 76,119 shares of the financial services provider's stock valued at $14,680,000 after purchasing an additional 9,708 shares in the last quarter. Finally, Continuum Advisory LLC lifted its holdings in The PNC Financial Services Group by 20.3% during the fourth quarter. Continuum Advisory LLC now owns 1,039 shares of the financial services provider's stock valued at $200,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on PNC. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their price target for the company from $206.00 to $202.00 in a report on Monday, March 31st. The Goldman Sachs Group reduced their price objective on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Truist Financial reduced their price objective on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. TD Cowen started coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $202.67.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president now owns 20,490 shares in the company, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Martin Pfinsgraff acquired 1,000 shares of the business's stock in a transaction on Friday, April 25th. The shares were purchased at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the transaction, the director now directly owns 2,009 shares of the company's stock, valued at approximately $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 17,638 shares of company stock worth $2,983,901 over the last quarter. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Price Performance

PNC traded down $2.22 during trading hours on Wednesday, hitting $174.02. The company's stock had a trading volume of 1,591,519 shares, compared to its average volume of 2,051,646. The business's 50-day moving average price is $165.14 and its 200-day moving average price is $185.22. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The stock has a market cap of $68.84 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 1.55 and a beta of 1.06. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is 45.20%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.