Golden State Wealth Management LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 414.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,920 shares of the financial services provider's stock after buying an additional 1,547 shares during the quarter. Golden State Wealth Management LLC's holdings in The PNC Financial Services Group were worth $337,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of PNC. Rialto Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Whipplewood Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $33,000. Opal Wealth Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth $35,000. REAP Financial Group LLC grew its position in shares of The PNC Financial Services Group by 67.2% in 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 during the period. Finally, Hoey Investments Inc. acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $39,000. Institutional investors and hedge funds own 83.53% of the company's stock.
Analyst Upgrades and Downgrades
PNC has been the topic of a number of research analyst reports. Morgan Stanley decreased their price target on The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group lowered their target price 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. Wells Fargo & Company dropped their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their price target for the company from $206.00 to $202.00 in a report on Monday, March 31st. Finally, Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $202.67.
Get Our Latest Stock Analysis on The PNC Financial Services Group
The PNC Financial Services Group Stock Up 0.2%
NYSE:PNC traded up $0.41 during mid-day trading on Friday, hitting $185.92. The company had a trading volume of 2,772,359 shares, compared to its average volume of 2,090,862. The business has a fifty day simple moving average of $172.14 and a 200-day simple moving average of $180.19. The firm has a market capitalization of $73.55 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.56 and a beta of 1.06. 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 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. Equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.44%. The PNC Financial Services Group's dividend payout ratio is currently 45.20%.
Insider Transactions at The PNC Financial Services Group
In other The PNC Financial Services Group news, 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 value of $260,443.52. Following the transaction, the executive vice president now directly owns 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $179.14, for a total transaction of $222,491.88. Following the sale, the chief executive officer now directly owns 556,121 shares of the company's stock, valued at $99,623,515.94. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,428 shares of company stock valued at $1,882,322. Corporate insiders own 0.41% of the company's stock.
About The PNC Financial Services Group
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Free Report)
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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