The PNC Financial Services Group, Inc (NYSE:PNC) Shares Acquired by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC increased its stake in The PNC Financial Services Group by 18.8%, acquiring an additional 8,077 shares in the first quarter, bringing their total holdings to 51,133 shares valued at approximately $8.99 million.
• Several institutional investors raised their positions in The PNC Financial Services Group, with Massachusetts Financial Services Co. increasing its holdings by 26.1% and GAMMA Investing LLC boosting theirs by an astonishing 19,279.5% in the same period.
• The PNC Financial Services Group recently announced a quarterly dividend of $1.70 per share, up from $1.60, resulting in an annualized dividend of $6.80 and a yield of 3.47%.

HB Wealth Management LLC grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,133 shares of the financial services provider's stock after purchasing an additional 8,077 shares during the period. HB Wealth Management LLC's holdings in The PNC Financial Services Group were worth $8,988,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Angeles Wealth Management LLC lifted its stake in The PNC Financial Services Group by 13.4% in the 1st quarter. Angeles Wealth Management LLC now owns 1,270 shares of the financial services provider's stock worth $223,000 after purchasing an additional 150 shares in the last quarter. Heartland Advisors Inc. increased its position in shares of The PNC Financial Services Group by 0.6% during the 1st quarter. Heartland Advisors Inc. now owns 24,446 shares of the financial services provider's stock worth $4,297,000 after purchasing an additional 151 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in shares of The PNC Financial Services Group by 2.9% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 112,131 shares of the financial services provider's stock worth $19,709,000 after purchasing an additional 3,200 shares during the period. Nicholas Wealth LLC. boosted its position in shares of The PNC Financial Services Group by 8.5% during the 1st quarter. Nicholas Wealth LLC. now owns 4,803 shares of the financial services provider's stock worth $844,000 after purchasing an additional 378 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of The PNC Financial Services Group by 12.4% during the 1st quarter. Cetera Investment Advisers now owns 147,338 shares of the financial services provider's stock worth $25,898,000 after purchasing an additional 16,215 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

PNC stock traded up $0.91 on Wednesday, hitting $194.28. The company's stock had a trading volume of 483,406 shares, compared to its average volume of 2,405,432. The firm has a 50 day moving average of $184.89 and a two-hundred day moving average of $180.31. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The stock has a market cap of $76.85 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.45 and a beta of 1.07. 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 announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates 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 PNC Financial Services Group's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.39 earnings per share. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS 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 paid a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's payout ratio is currently 46.51%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PNC shares. 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 for the company in a research report on Tuesday, July 8th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Wall Street Zen upgraded shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, Truist Financial increased their target price on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. One equities research 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 company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

Insider Activity

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

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.