Picton Mahoney Asset Management Grows Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Picton Mahoney Asset Management raised its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 6.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,944 shares of the financial services provider's stock after buying an additional 2,762 shares during the quarter. Picton Mahoney Asset Management's holdings in The PNC Financial Services Group were worth $7,724,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Cornerstone Planning Group LLC boosted its holdings 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 last quarter. Opal Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter worth approximately $35,000. REAP Financial Group LLC lifted its holdings 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 during the last quarter. Hoey Investments Inc. acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $39,000. Finally, True Wealth Design LLC lifted its holdings 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 during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Down 1.3%

PNC traded down $2.42 during midday trading on Thursday, reaching $190.13. 1,669,288 shares of the company were exchanged, compared to its average volume of 2,475,639. 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 PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The stock has a market capitalization of $75.21 billion, a P/E ratio of 13.00, a PEG ratio of 1.43 and a beta of 1.07. The stock's 50-day simple moving average is $185.29 and its 200 day simple moving average is $180.39.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share 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 for the quarter, compared to analysts' expectations of $5.61 billion. During the same quarter in the previous year, the business posted $3.39 EPS. The PNC Financial Services Group's revenue for the quarter was up 4.6% on a year-over-year basis. As a group, analysts forecast 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 declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.70 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group's payout ratio is presently 46.51%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PNC shares. TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target on the stock. Truist Financial boosted their price objective 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. The Goldman Sachs Group upped their price target on 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. Morgan Stanley increased their price objective on 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. Finally, Barclays reduced their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $214.17.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,460 shares of company stock valued at $1,103,563 in the last three months. 0.41% of the stock is owned by insiders.

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.