Keebeck Wealth Management Buys Shares of 5,005 The PNC Financial Services Group, Inc $PNC

Key Points

• Keebeck Wealth Management bought 5,005 PNC shares worth approximately $1.23 million during the second quarter. Institutional investors and hedge funds own 83.53% of the company.
• PNC reported quarterly EPS of $4.85, exceeding estimates by $0.39, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, representing a 3.3% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.73, compared with PNC’s reported share price of $243.05.

Keebeck Wealth Management purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,005 shares of the financial services provider's stock, valued at approximately $1,232,000.

Other hedge funds have also modified their holdings of the company. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth about $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $28,000. Modus Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $29,000. Finally, Financial Life Planners bought a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Up 0.6%

Shares of PNC stock opened at $243.05 on Friday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a fifty day moving average price of $248.28 and a 200 day moving average price of $229.34. The stock has a market cap of $96.96 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the firm posted $3.85 EPS. The business's revenue for the quarter was up 21.4% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PNC shares. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Citigroup increased their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective for the company. in a research note on Thursday, July 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 51,654 shares of company stock worth $11,552,661. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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