FourThought Financial Partners LLC Invests $5.76 Million in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• FourThought Financial Partners LLC acquired a new stake in The PNC Financial Services Group, purchasing 32,765 shares valued at approximately $5,759,000 during the 1st quarter.
• The PNC Financial Services Group announced an increase in its quarterly dividend to $1.70 per share, representing an annualized yield of 3.47%.
• Analysts have a consensus "Moderate Buy" rating for PNC's stock, with a target price increase to $212.76 following upgrades from several brokerages.

FourThought Financial Partners LLC purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 32,765 shares of the financial services provider's stock, valued at approximately $5,759,000.

A number of other large investors have also recently made changes to their positions in the business. Cornerstone Planning Group LLC raised its stake in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after acquiring an additional 65 shares in the last quarter. REAP Financial Group LLC lifted its holdings in The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares in the last quarter. Hoey Investments Inc. purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $39,000. True Wealth Design LLC increased its position in The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing 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 valued at about $35,000. 83.53% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,460 shares of company stock worth $1,103,563 over the last quarter. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent research reports. Royal Bank Of Canada lowered their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. 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. The Goldman Sachs Group increased their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Barclays cut their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.

The PNC Financial Services Group Price Performance

NYSE:PNC traded up $1.12 during mid-day trading on Wednesday, reaching $194.49. 612,375 shares of the stock were exchanged, compared to its average volume of 2,406,314. The business has a fifty day moving average price of $184.89 and a 200 day moving average price of $180.31. The firm has a market capitalization of $76.93 billion, a PE ratio of 13.32, a PEG ratio of 1.45 and a beta of 1.07. 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 current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.39 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company 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. The ex-dividend date is Tuesday, July 15th. 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 3.50%. The PNC Financial Services Group's payout ratio 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.