Richard C. Young & CO. LTD. Increases Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Richard C. Young & CO. LTD. lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,188 shares of the financial services provider's stock after acquiring an additional 1,930 shares during the period. The PNC Financial Services Group makes up approximately 1.6% of Richard C. Young & CO. LTD.'s portfolio, making the stock its 27th biggest position. Richard C. Young & CO. LTD.'s holdings in The PNC Financial Services Group were worth $14,974,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Cornerstone Planning Group LLC grew its stake in shares of The PNC Financial Services Group by 50.8% in the 1st 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 acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $35,000. REAP Financial Group LLC grew its stake in shares of The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after buying an additional 80 shares during the period. Hoey Investments Inc. acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $39,000. Finally, True Wealth Design LLC grew its stake in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after buying an additional 59 shares during the period. 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 company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Martin Pfinsgraff bought 1,000 shares of the company's stock in a transaction on Friday, April 25th. The stock was bought at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the purchase, the director directly owned 2,009 shares in the company, valued at approximately $317,863.98. This represents a 99.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 9,545 shares of company stock worth $1,590,080 in the last three months. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several research reports. Barclays reduced their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. JPMorgan Chase & Co. cut their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Truist Financial lifted their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research note on Wednesday, July 9th. Finally, TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $212.76.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $0.55 during trading hours on Friday, reaching $196.54. 2,548,240 shares of the stock traded hands, compared to its average volume of 2,143,477. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company's 50-day moving average price is $181.79 and its two-hundred day moving average price is $180.27. The company has a market cap of $77.75 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 1.54 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations 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 PNC Financial Services Group's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.39 EPS. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.46%. The PNC Financial Services Group's payout ratio is 48.02%.

The PNC Financial Services Group 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.