Endeavor Private Wealth Inc. Grows Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Endeavor Private Wealth Inc. increased its stake in The PNC Financial Services Group by 479.4% during the first quarter, acquiring a total of 3,772 shares valued at $663,000.
• Multiple hedge funds have raised their holdings in The PNC Financial Services Group, with notable increases from Massachusetts Financial Services Co. (up 26.1%) and Northern Trust Corp (up 14.9%).
• The PNC Financial Services Group recently increased its quarterly dividend to $1.70, up from the previous $1.60, reflecting a dividend yield of 3.7%.

Endeavor Private Wealth Inc. raised its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 479.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,772 shares of the financial services provider's stock after acquiring an additional 3,121 shares during the quarter. Endeavor Private Wealth Inc.'s holdings in The PNC Financial Services Group were worth $663,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in shares of The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock valued at $1,670,249,000 after purchasing an additional 1,964,157 shares in the last quarter. Northern Trust Corp boosted its stake in shares of 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 valued at $905,530,000 after purchasing an additional 608,375 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of The PNC Financial Services Group by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock valued at $713,063,000 after purchasing an additional 186,249 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of The PNC Financial Services Group by 5.3% during the 4th quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock valued at $689,084,000 after purchasing an additional 179,760 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of The PNC Financial Services Group by 10.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,273,376 shares of the financial services provider's stock valued at $631,271,000 after purchasing an additional 322,982 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 target price on the stock. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their price objective for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective on the stock in a research note on Tuesday, July 8th. Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Truist Financial boosted 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 research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred 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 directly owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,218 shares of company stock valued at $900,918. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Down 2.4%

Shares of PNC stock opened at $185.78 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The stock has a market cap of $73.49 billion, a P/E ratio of 12.71, a P/E/G ratio of 1.42 and a beta of 1.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The company has a 50 day simple moving average of $185.92 and a two-hundred day simple moving average of $180.31.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm's revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.39 earnings per share. On average, research 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This is an increase 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 3.7%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

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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