Perigon Wealth Management LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Perigon Wealth Management initiated a roughly $2.49 million position in PNC during the second quarter, while institutional investors collectively own 83.53% of the bank’s shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $265.73. PNC recently exceeded quarterly EPS and revenue expectations, with revenue rising 21.4% year over year.
• PNC increased its quarterly dividend to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.1% yield; however, insiders sold 51,654 shares worth approximately $11.6 million over the last quarter.

Perigon Wealth Management LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,107 shares of the financial services provider's stock, valued at approximately $2,488,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. Vanguard Group Inc. grew its holdings in shares of 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 buying an additional 408,464 shares during the last quarter. State Street Corp raised its stake in The PNC Financial Services Group by 0.4% during 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 acquiring an additional 77,302 shares during the last quarter. Capital International Investors lifted its position in The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Norges Bank acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its stake 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 valued at $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley upped their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Oppenheimer lifted their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Argus raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Finally, Robert W. Baird lifted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. One 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, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average price target of $265.73.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 51,654 shares of company stock worth $11,552,661. Corporate insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Performance

PNC opened at $254.65 on Tuesday. The stock has a market cap of $101.59 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91. 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's 50 day simple moving average is $247.28 and its 200 day simple moving average is $228.73. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group's revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.85 earnings per share. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is 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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