Lyell Wealth Management LP Makes New Investment in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Lyell Wealth Management LP has acquired a new stake in The PNC Financial Services Group valued at approximately $1.68 million, purchasing 9,577 shares.
• Other institutional investors have also increased their stakes, with notable increases from Cornerstone Planning Group and REAP Financial Group, showing strong interest in PNC shares.
• The company recently announced a quarterly dividend increase from $1.60 to $1.70, reflecting a positive annual yield of 3.53%.

Lyell Wealth Management LP bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,577 shares of the financial services provider's stock, valued at approximately $1,683,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ignite Planners LLC increased its holdings in shares of The PNC Financial Services Group by 8.4% in the first quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock valued at $262,000 after buying an additional 126 shares in the last quarter. Exane Asset Management increased its holdings in shares of The PNC Financial Services Group by 32.9% in the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after buying an additional 37,110 shares in the last quarter. Smith Salley Wealth Management increased its holdings in shares of The PNC Financial Services Group by 15.6% in the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock valued at $12,804,000 after buying an additional 9,836 shares in the last quarter. United Community Bank increased its holdings in shares of The PNC Financial Services Group by 687.0% in the first quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock valued at $2,166,000 after buying an additional 10,759 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of The PNC Financial Services Group by 4.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after buying an additional 120 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC traded down $4.49 during mid-day trading on Friday, hitting $185.78. 2,639,255 shares of the company traded hands, compared to its average volume of 2,465,934. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one 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 business has a 50-day moving average of $185.92 and a 200 day moving average of $180.31. The stock has a market capitalization of $73.49 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.42 and a beta of 1.09.

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 (EPS) for the quarter, beating 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 firm had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. During the same period last year, the firm earned $3.39 earnings per share. The business's revenue for the quarter was up 4.6% on a year-over-year basis. As a group, equities 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be paid a $1.70 dividend. The ex-dividend date of this dividend 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 yield of 3.7%. The PNC Financial Services Group's payout ratio is 46.51%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. 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 on the stock in a research report on Wednesday, April 16th. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. The Goldman Sachs Group boosted their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their price objective for the company from $185.00 to $212.00 in a research note on Wednesday, July 9th. Finally, Bank of America lifted their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.

Insider Buying and Selling

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 shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,218 shares of company stock worth $900,918. Insiders own 0.41% of the company's stock.

About The PNC Financial Services Group

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.