Independent Advisor Alliance Increases Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Independent Advisor Alliance increased its holdings in The PNC Financial Services Group by 33.3%, totaling 23,642 shares valued at $4,156,000 by the end of the most recent quarter.
• The company recently declared a quarterly dividend of $1.70 per share, marking an increase from the previous $1.60 and reflecting a yield of 3.6%.
• Analysts have positive projections for PNC, with the stock receiving multiple "buy" ratings and a consensus target price of $214.17.

Independent Advisor Alliance boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 33.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,642 shares of the financial services provider's stock after purchasing an additional 5,908 shares during the quarter. Independent Advisor Alliance's holdings in The PNC Financial Services Group were worth $4,156,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Vanguard Group Inc. grew its holdings in shares of The PNC Financial Services Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock valued at $6,673,217,000 after buying an additional 248,252 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of The PNC Financial Services Group by 26.1% during the first 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 buying an additional 1,964,157 shares during the last quarter. Northern Trust Corp grew its holdings in shares of The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after buying an additional 608,375 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of The PNC Financial Services Group by 4.8% during the first 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 buying an additional 186,249 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of The PNC Financial Services Group by 5.3% during the fourth quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider's stock valued at $689,084,000 after buying an additional 179,760 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The shares were 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 filing with the SEC, which is available through the SEC website. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $188.52 on Tuesday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $74.24 billion, a P/E ratio of 12.89, a PEG ratio of 1.41 and a beta of 1.09. The firm has a fifty day simple moving average of $187.66 and a two-hundred day simple moving average of $179.66. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. During the same period last year, the company posted $3.39 EPS. The business's revenue was up 4.6% on a year-over-year basis. On average, 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PNC shares. The Goldman Sachs Group raised their target price 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. Bank of America raised their target price on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Oppenheimer upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price on the stock in a report on Wednesday, July 30th. Barclays dropped their target price 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, Royal Bank Of Canada dropped their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

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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