Peapack Gladstone Financial Corp Has $39.92 Million Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Peapack Gladstone Financial Corp trimmed its PNC stake by 4.5% in the fourth quarter, selling 9,075 shares and ending with 191,226 shares valued at about $39.9 million.
• PNC reported stronger-than-expected quarterly earnings, posting $4.32 EPS versus the $3.92 consensus estimate, while revenue rose 13.1% year over year to $6.17 billion.
• The stock has continued to attract analyst support and pay dividends, with a consensus “Moderate Buy” rating, an average price target of $243.11, and a recent quarterly dividend of $1.70 per share, yielding about 3.1% annually.

Peapack Gladstone Financial Corp lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,226 shares of the financial services provider's stock after selling 9,075 shares during the period. Peapack Gladstone Financial Corp's holdings in The PNC Financial Services Group were worth $39,916,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Florida Financial Advisors LLC grew its position in shares of The PNC Financial Services Group by 12.2% in the 4th quarter. Florida Financial Advisors LLC now owns 1,691 shares of the financial services provider's stock valued at $354,000 after acquiring an additional 184 shares during the period. Rothschild Wealth LLC raised its stake in The PNC Financial Services Group by 86.6% in the 4th quarter. Rothschild Wealth LLC now owns 2,528 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 1,173 shares during the period. Rockline Wealth Management LLC lifted its holdings in The PNC Financial Services Group by 4.3% during the 4th quarter. Rockline Wealth Management LLC now owns 17,072 shares of the financial services provider's stock valued at $3,564,000 after purchasing an additional 706 shares during the last quarter. Essex Financial Services Inc. lifted its holdings in The PNC Financial Services Group by 3.6% during the 4th quarter. Essex Financial Services Inc. now owns 10,339 shares of the financial services provider's stock valued at $2,158,000 after purchasing an additional 361 shares during the last quarter. Finally, Founders Financial Securities LLC boosted its position in The PNC Financial Services Group by 25.7% during the fourth quarter. Founders Financial Securities LLC now owns 17,898 shares of the financial services provider's stock worth $3,736,000 after purchasing an additional 3,663 shares during the period. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $221.36 on Monday. 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 company has a market capitalization of $88.89 billion, a P/E ratio of 12.86, a P/E/G ratio of 0.92 and a beta of 0.92. The PNC Financial Services Group, Inc has a 12-month low of $170.49 and a 12-month high of $243.94. The firm has a 50-day moving average price of $216.27 and a two-hundred day moving average price of $213.24.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted 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 firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.51 EPS. Analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's payout ratio is currently 39.51%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a report on Thursday, April 16th. Finally, Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $243.11.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business's 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 sale, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is owned by corporate insiders.

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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