Midwest Trust Co Has $55.31 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Midwest Trust Co increased its PNC stake by 85.4% in the first quarter, ending with 265,803 shares valued at about $55.3 million.
• Wall Street sentiment on PNC remains constructive, with several firms raising price targets and the stock carrying a “Moderate Buy” consensus rating and an average target price of $258.09.
• PNC reported better-than-expected quarterly earnings of $4.32 per share and recently raised its dividend to $2.00 per quarter, or $8.00 annualized, for a 3.2% yield.

Midwest Trust Co boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 85.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 265,803 shares of the financial services provider's stock after purchasing an additional 122,399 shares during the quarter. Midwest Trust Co owned about 0.07% of The PNC Financial Services Group worth $55,311,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group during the 4th quarter valued at $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group during the 3rd quarter worth about $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the first quarter valued at about $31,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the subject of several research reports. Wells Fargo & Company increased their target price on shares of The PNC Financial Services Group from $264.00 to $270.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Citigroup upped their price target on The PNC Financial Services Group from $255.00 to $280.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Stephens started coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They issued an "overweight" rating and a $265.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Bank of America boosted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $258.09.

Insiders Place Their Bets

In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC traded up $1.07 during trading hours on Friday, reaching $251.99. The company had a trading volume of 2,892,810 shares, compared to its average volume of 2,235,505. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average of $229.90 and a two-hundred day moving average of $222.05. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $256.00. The firm has a market capitalization of $101.19 billion, a PE ratio of 14.64, a PEG ratio of 1.03 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period last year, the business earned $3.51 earnings per share. The business's revenue was up 13.1% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio is presently 46.48%.

About The PNC Financial Services Group

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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