Avidian Wealth Enterprises LLC Acquires New Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Avidian Wealth Enterprises LLC purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,016 shares of the financial services provider's stock, valued at approximately $354,000.

A number of other institutional investors have also modified their holdings of PNC. Rialto Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $32,000. REAP Financial Group LLC grew its position in The PNC Financial Services Group by 67.2% during 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 during the last quarter. Hoey Investments Inc. acquired a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $39,000. True Wealth Design LLC raised its holdings in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth $35,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Performance

PNC stock traded down $0.61 during midday trading on Friday, hitting $195.10. 1,863,484 shares of the stock traded hands, compared to its average volume of 2,109,370. 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 debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81. The stock's fifty day simple moving average is $175.10 and its 200-day simple moving average is $180.09. The firm has a market cap of $77.18 billion, a P/E ratio of 13.78, a PEG ratio of 1.66 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a $1.70 dividend. This is a boost 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 3.49%. The PNC Financial Services Group's payout ratio is 45.20%.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Martin Pfinsgraff acquired 1,000 shares of The PNC Financial Services Group stock in a transaction on Friday, April 25th. The shares were bought at an average price of $158.22 per share, with a total value of $158,220.00. Following the completion of the transaction, the director directly owned 2,009 shares of the company's stock, valued at $317,863.98. This trade represents a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold 10,787 shares of company stock worth $1,782,794 over the last three months. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Citigroup cut their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Barclays dropped their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research note 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. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, TD Cowen initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six 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, the stock has an average rating of "Moderate Buy" and an average price target of $206.35.

The PNC Financial Services Group 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.