Texas Capital Bank Wealth Management Services Inc Takes Position in The PNC Financial Services Group, Inc $PNC

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Texas Capital Bank Wealth Management Services Inc bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,863 shares of the financial services provider's stock, valued at approximately $503,000.

A number of other large investors have also bought and sold shares of PNC. Cornerstone Planning Group LLC increased its stake in The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in The PNC Financial Services Group during the 1st quarter worth approximately $35,000. REAP Financial Group LLC increased its stake in The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares in the last quarter. True Wealth Design LLC increased its stake in The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in The PNC Financial Services Group during the 1st quarter worth approximately $41,000. 83.53% of the stock is owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm's 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 completion of the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at $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 available through this hyperlink. 0.41% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Up 0.4%

Shares of The PNC Financial Services Group stock opened at $192.06 on Tuesday. The business has a fifty day simple moving average of $189.24 and a two-hundred day simple moving average of $179.33. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a market capitalization of $75.63 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 1.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter last year, the firm posted $3.39 EPS. The company's quarterly revenue was up 4.6% on a year-over-year basis. Research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.5%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's payout ratio is 46.51%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. TD Cowen began coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 target price for the company. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Citigroup raised their price target on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group raised their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Company Profile

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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