Sound View Wealth Advisors Group LLC trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 50.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,839 shares of the financial services provider's stock after selling 3,937 shares during the quarter. Sound View Wealth Advisors Group LLC's holdings in The PNC Financial Services Group were worth $675,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of PNC. Cornerstone Planning Group LLC raised its stake in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after buying an additional 65 shares during the period. Opal Wealth Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the first quarter worth $35,000. REAP Financial Group LLC grew its holdings in The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares during the period. True Wealth Design LLC lifted its position in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth approximately $41,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.
The PNC Financial Services Group Trading Down 0.2%
Shares of The PNC Financial Services Group stock traded down $0.32 on Tuesday, reaching $188.75. The company had a trading volume of 569,750 shares, compared to its average volume of 2,391,412. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm's 50 day moving average price is $186.26 and its two-hundred day moving average price is $179.99. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $74.67 billion, a PE ratio of 12.90, a PEG ratio of 1.38 and a beta of 1.09.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.39 earnings per share. Sell-side analysts predict 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. Investors of record on Tuesday, July 15th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.6%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's payout ratio is 46.51%.
Wall Street Analyst Weigh In
Several research firms recently issued reports on PNC. Truist Financial lifted their price objective on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley upped their price target on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Finally, Bank of America raised their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.
View Our Latest Report on PNC
Insider Activity
In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,218 shares of company stock worth $900,918 over the last ninety days. 0.41% of the stock is currently owned by insiders.
The PNC Financial Services Group Company Profile
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Free Report)
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.
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