Daymark Wealth Partners LLC Boosts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Daymark Wealth Partners LLC increased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 356.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,196 shares of the financial services provider's stock after acquiring an additional 44,660 shares during the period. Daymark Wealth Partners LLC's holdings in The PNC Financial Services Group were worth $10,053,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PNC. Vanguard Group Inc. grew its stake in shares of The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock worth $7,273,794,000 after acquiring an additional 268,827 shares in the last quarter. Franklin Resources Inc. boosted its holdings in The PNC Financial Services Group by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after purchasing an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA grew its stake in The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after purchasing an additional 726,115 shares in the last quarter. Norges Bank purchased a new stake in The PNC Financial Services Group during the 4th quarter worth about $1,352,151,000. Finally, Northern Trust Corp increased its holdings in The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 2.3%

NYSE PNC opened at $178.72 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $70.70 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.55 and a beta of 1.06. The PNC Financial Services Group, Inc. has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a 50-day moving average price of $165.16 and a 200 day moving average price of $183.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.58%. The PNC Financial Services Group's dividend payout ratio is presently 45.20%.

Analyst Ratings Changes

A number of brokerages have recently commented on PNC. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. TD Cowen initiated coverage on shares of 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. The Goldman Sachs Group lowered their price target on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Morgan Stanley dropped their price objective on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial decreased their price objective on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $202.67.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $171.15, for a total value of $212,568.30. Following the completion of the transaction, the chief executive officer now directly owns 567,299 shares of the company's stock, valued at approximately $97,093,223.85. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Martin Pfinsgraff bought 1,000 shares of the firm's stock in a transaction on Friday, April 25th. The shares were purchased at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the transaction, the director now owns 2,009 shares of the company's stock, valued at $317,863.98. This represents a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold 15,154 shares of company stock worth $2,525,591 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

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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