Cwm LLC Acquires 7,931 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

CWM LLC lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 50.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,676 shares of the financial services provider's stock after purchasing an additional 7,931 shares during the period. CWM LLC's holdings in The PNC Financial Services Group were worth $4,162,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mechanics Financial Corp purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $541,000. AssuredPartners Investment Advisors LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $739,000. Premier Fund Managers Ltd increased its holdings in The PNC Financial Services Group by 38.3% in the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after acquiring an additional 13,700 shares during the last quarter. PKS Advisory Services LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $357,000. Finally, Exane Asset Management increased its holdings in The PNC Financial Services Group by 32.9% in the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock worth $28,434,000 after acquiring an additional 37,110 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded up $0.55 during midday trading on Friday, hitting $196.54. 2,548,213 shares of the company's stock were exchanged, compared to its average volume of 2,143,477. The business's fifty 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 price-to-earnings ratio of 13.44, a PEG ratio of 1.54 and a beta of 1.07. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. 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 (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, topping analysts' consensus estimates of $3.56 by $0.29. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The PNC Financial Services Group's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.39 EPS. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a $1.70 dividend. 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 yield of 3.46%. The PNC Financial Services Group's payout ratio is presently 48.02%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PNC shares. Wells Fargo & Company decreased their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Royal Bank Of Canada reduced their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and reduced their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Finally, Truist Financial lifted their target price on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average target price of $212.76.

Insider Buying and Selling

In other news, 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 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 approximately $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff acquired 1,000 shares of the company's stock in a transaction dated Friday, April 25th. The shares were bought at an average cost of $158.22 per share, with a total value of $158,220.00. Following the purchase, the director owned 2,009 shares of the company's stock, valued at approximately $317,863.98. This trade represents a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold 9,545 shares of company stock worth $1,590,080 in the last quarter. 0.41% of the stock is owned by insiders.

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.