Elk River Wealth Management LLC Acquires Shares of 31,196 The PNC Financial Services Group, Inc $PNC

Key Points

• Elk River Wealth Management disclosed a new first-quarter stake in The PNC Financial Services Group, buying 31,196 shares valued at about $6.49 million. The position now makes up roughly 1.1% of its portfolio and is its 27th largest holding.
• Wall Street sentiment on PNC remains positive, with analysts assigning a Moderate Buy consensus rating and an average price target of $246.72. Several firms recently raised targets or reiterated bullish ratings, including Oppenheimer, Stephens, JPMorgan, and Citigroup.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, beating estimates by $0.40, while revenue rose 13.1% year over year. The company also paid a quarterly dividend of $1.70 per share, implying an annualized yield of about 2.9%.

Elk River Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 31,196 shares of the financial services provider's stock, valued at approximately $6,492,000. The PNC Financial Services Group comprises approximately 1.1% of Elk River Wealth Management LLC's holdings, making the stock its 27th biggest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $25,000. Quarry LP bought a new position in The PNC Financial Services Group during the 3rd quarter valued at $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth $29,000. Kemnay Advisory Services Inc. purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, EFG International AG bought a new stake in The PNC Financial Services Group in the 4th quarter worth about $33,000. 83.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on PNC shares. Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Stephens initiated coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They set an "overweight" rating and a $265.00 price target for the company. JPMorgan Chase & Co. lifted their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Citigroup boosted their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus target price of $246.72.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $234.49 on Tuesday. The company has a market capitalization of $94.16 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.95 and a beta of 0.92. The business has a fifty day simple moving average of $222.91 and a two-hundred day simple moving average of $218.02. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The PNC Financial Services Group, Inc has a 1 year low of $176.16 and a 1 year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the company earned $3.51 EPS. The firm's quarterly revenue was up 13.1% compared to the same quarter last year. On average, analysts expect that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred 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 transaction, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock worth $10,694,574 over the last quarter. Corporate insiders own 0.38% of the company's stock.

About The PNC Financial Services Group

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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