Code Waechter LLC Makes New $399,000 Investment in The PNC Financial Services Group, Inc (NYSE:PNC)

Code Waechter LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,269 shares of the financial services provider's stock, valued at approximately $399,000.

Several other large investors also recently made changes to their positions in PNC. MainStreet Investment Advisors LLC lifted its stake in shares of The PNC Financial Services Group by 63.8% in the first quarter. MainStreet Investment Advisors LLC now owns 2,882 shares of the financial services provider's stock valued at $507,000 after buying an additional 1,122 shares in the last quarter. Rogco LP bought a new stake in The PNC Financial Services Group in the 1st quarter worth about $429,000. Leavell Investment Management Inc. boosted its holdings in shares of The PNC Financial Services Group by 9.3% in the 1st quarter. Leavell Investment Management Inc. now owns 2,670 shares of the financial services provider's stock worth $469,000 after buying an additional 227 shares during the last quarter. Mraz Amerine & Associates Inc. grew its position in shares of The PNC Financial Services Group by 64.5% in the first quarter. Mraz Amerine & Associates Inc. now owns 2,040 shares of the financial services provider's stock valued at $351,000 after purchasing an additional 800 shares in the last quarter. Finally, Cornerstone Planning Group LLC boosted its position in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 65 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, May 23rd. The shares were 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 owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,545 shares of company stock worth $1,590,080 in the last three months. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded down $0.26 on Friday, reaching $197.69. The stock had a trading volume of 1,417,492 shares, compared to its average volume of 2,144,750. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The stock has a market cap of $78.20 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 1.65 and a beta of 1.07. The company has a 50 day simple moving average of $178.77 and a 200 day simple moving average of $180.21.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly 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 firm 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 17.68% and a return on equity of 10.95%. Equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS 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 dividend of $1.70 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.44%. The PNC Financial Services Group's payout ratio is presently 45.20%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PNC shares. JPMorgan Chase & Co. cut their price objective on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Citigroup reduced their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Barclays lowered their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company lowered their target price 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. Finally, Truist Financial upped their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $209.11.

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.