Davis Investment Partners LLC purchased a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 2,722 shares of the financial services provider's stock, valued at approximately $478,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $32,000. Whipplewood Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $33,000. REAP Financial Group LLC boosted its position in shares of The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares in the last quarter. Hoey Investments Inc. acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $39,000. Finally, True Wealth Design LLC boosted its position in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Performance
Shares of NYSE:PNC traded down $0.04 during trading on Thursday, reaching $177.70. 1,647,406 shares of the company's stock traded hands, compared to its average volume of 2,055,562. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $70.29 billion, a P/E ratio of 12.92, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The company has a 50 day moving average of $166.06 and a 200-day moving average of $182.98.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were paid a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 3.60%. The PNC Financial Services Group's dividend payout ratio is presently 45.20%.
Insider Buying and Selling at The PNC Financial Services Group
In related news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president now owns 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $172.00, for a total transaction of $213,624.00. Following the transaction, the chief executive officer now owns 566,057 shares of the company's stock, valued at approximately $97,361,804. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,154 shares of company stock worth $2,525,591. 0.41% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Barclays lowered their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company reduced their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Citigroup cut their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, March 24th. HSBC upgraded The PNC Financial Services Group from a "hold" rating to a "buy" rating and cut their price target for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and an average target price of $202.67.
View Our Latest Stock Report on PNC
About The PNC Financial Services Group
(
Free Report)
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.
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