NewEdge Wealth LLC Purchases 4,506 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• NewEdge Wealth LLC increased its PNC stake by 20.6% in the first quarter, buying 4,506 more shares to bring its holdings to 26,332 shares valued at about $5.48 million.
• Several analysts turned more bullish on PNC, with firms including RBC, Stephens, Barclays, JPMorgan, and Baird raising price targets; the stock now has an average Moderate Buy rating and a $265.48 target.
• PNC reported better-than-expected quarterly results and raised its dividend to $2.00 per share from $1.70, implying an annualized payout of $8.00 and a 3.2% yield.

NewEdge Wealth LLC boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 20.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,332 shares of the financial services provider's stock after buying an additional 4,506 shares during the period. NewEdge Wealth LLC's holdings in The PNC Financial Services Group were worth $5,479,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNC. Vanguard Group Inc. lifted its stake in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the period. State Street Corp grew its stake in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock valued at $3,615,085,000 after purchasing an additional 77,302 shares during the period. Capital International Investors grew its stake in shares of The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the period. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC raised its holdings in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock worth $1,841,387,000 after buying an additional 30,078 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PNC shares. Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Stephens lifted their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Barclays boosted their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. upped their target price on shares of 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, Robert W. Baird increased their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average price target of $265.48.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 48,300 shares of company stock worth $10,694,574. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Trading Down 1.2%

Shares of NYSE PNC opened at $249.41 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49. The company has a market cap of $100.15 billion, a PE ratio of 13.73, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The company has a 50-day moving average of $236.16 and a two-hundred day moving average of $224.69.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion for the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group's revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.85 earnings per share. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 19.14 earnings per share 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 Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. 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 (DPR) is currently 44.03%.

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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