AlphaCore Capital LLC Buys New Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• AlphaCore Capital LLC has acquired a new position in The PNC Financial Services Group, purchasing 1,571 shares valued at approximately $276,000.
• The company recently increased its quarterly dividend from $1.60 to $1.70, representing an annualized dividend of $6.80 with a yield of 3.6%.
• Several institutions have boosted their stakes in The PNC Financial Services Group, with institutional investors owning 83.53% of the company's stock.

AlphaCore Capital LLC purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,571 shares of the financial services provider's stock, valued at approximately $276,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in The PNC Financial Services Group by 11.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 707,296 shares of the financial services provider's stock worth $124,321,000 after acquiring an additional 74,998 shares in the last quarter. Y.D. More Investments Ltd boosted its holdings in The PNC Financial Services Group by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 559 shares of the financial services provider's stock worth $98,000 after acquiring an additional 68 shares in the last quarter. WealthPLAN Partners LLC boosted its holdings in The PNC Financial Services Group by 0.5% in the first quarter. WealthPLAN Partners LLC now owns 12,629 shares of the financial services provider's stock worth $2,220,000 after acquiring an additional 66 shares in the last quarter. CenterBook Partners LP boosted its holdings in The PNC Financial Services Group by 151.5% in the first quarter. CenterBook Partners LP now owns 10,782 shares of the financial services provider's stock worth $1,895,000 after acquiring an additional 6,495 shares in the last quarter. Finally, Headlands Technologies LLC boosted its holdings in The PNC Financial Services Group by 109.3% in the first quarter. Headlands Technologies LLC now owns 4,310 shares of the financial services provider's stock worth $758,000 after acquiring an additional 2,251 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Insiders Place Their Bets

In other news, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,976 shares of company stock valued at $693,765 over the last ninety days. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $189.58 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day simple moving average of $187.37 and a two-hundred day simple moving average of $179.86. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a market capitalization of $74.66 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.41 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same period last year, the business posted $3.39 earnings per share. The business's revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group's dividend payout ratio is 46.51%.

Wall Street Analyst Weigh In

PNC has been the topic of several recent research reports. Citigroup increased their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Bank of America increased their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Truist Financial increased their price objective on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Company Profile

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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