The PNC Financial Services Group, Inc (NYSE:PNC) Stock Position Raised by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP increased its stake in The PNC Financial Services Group, Inc. by 10.4%, owning 28,622 shares valued at $5.03 million following a purchase of 2,701 additional shares.
• The company has announced an increase in its quarterly dividend from $1.60 to $1.70, with a dividend yield of 3.7%.
• The PNC Financial Services Group recently reported an earnings per share (EPS) of $3.85, surpassing analyst expectations of $3.56, with a revenue of $3.01 billion for the quarter.

Baker Avenue Asset Management LP lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,622 shares of the financial services provider's stock after acquiring an additional 2,701 shares during the quarter. Baker Avenue Asset Management LP's holdings in The PNC Financial Services Group were worth $5,031,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. Cornerstone Planning Group LLC boosted its position 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 worth $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 first quarter worth $35,000. REAP Financial Group LLC boosted its position in shares of The PNC Financial Services Group by 67.2% in the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after buying an additional 80 shares during the period. True Wealth Design LLC boosted 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 during the period. Finally, Fourth Dimension Wealth LLC acquired a new stake in The PNC Financial Services Group during the first quarter valued at $41,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the business'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 owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,218 shares of company stock worth $900,918 over the last quarter. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Down 2.4%

The PNC Financial Services Group stock opened at $185.78 on Friday. 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 business's 50-day simple moving average is $185.92 and its 200-day simple moving average is $180.31. The firm has a market capitalization of $73.49 billion, a PE ratio of 12.71, a PEG ratio of 1.42 and a beta of 1.09. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates 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 firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.39 earnings per share. Equities research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This is a boost 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 3.7%. The PNC Financial Services Group's dividend payout ratio is presently 46.51%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Royal Bank Of Canada reduced their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group lifted their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Truist Financial lifted 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 report on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their price objective for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently 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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