Avalon Trust Co purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 121,779 shares of the financial services provider's stock, valued at approximately $29,984,000. The PNC Financial Services Group makes up 1.8% of Avalon Trust Co's investment portfolio, making the stock its 13th biggest holding.
Other large investors also recently added to or reduced their stakes in the company. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter worth $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter worth about $29,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC grew its position 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 worth $31,000 after buying an additional 71 shares during the period. Institutional investors own 83.53% of the company's stock.
Analysts Set New Price Targets
PNC has been the topic of several recent analyst reports. Royal Bank Of Canada increased their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Argus upped their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Finally, Citigroup boosted their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $265.73.
View Our Latest Stock Analysis on The PNC Financial Services Group
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the 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 approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 51,654 shares of company stock worth $11,552,661. Company insiders own 0.38% of the company's stock.
The PNC Financial Services Group Price Performance
NYSE:PNC opened at $256.91 on Friday. The firm has a market cap of $102.49 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.13. The firm's fifty day moving average is $246.72 and its two-hundred day moving average is $228.45. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating 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 analyst estimates of $6.51 billion. During the same period last year, the company earned $3.85 earnings per share. The PNC Financial Services Group's quarterly revenue was up 21.4% compared to the same quarter last year. Research analysts expect 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 announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a $2.00 dividend. 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 currently 44.03%.
About The PNC Financial Services Group
(
Free Report)
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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