DAVENPORT & Co LLC boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 33,741 shares of the financial services provider's stock after buying an additional 1,616 shares during the period. DAVENPORT & Co LLC's holdings in The PNC Financial Services Group were worth $5,931,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $32,000. REAP Financial Group LLC raised its position in 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 valued at $38,000 after purchasing an additional 80 shares during the period. Hoey Investments Inc. purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $39,000. True Wealth Design LLC lifted its stake in shares of The PNC Financial Services Group by 41.5% during the fourth 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, Opal Wealth Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth about $35,000. 83.53% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,787 shares of company stock valued at $1,782,794. Insiders own 0.41% of the company's stock.
The PNC Financial Services Group Stock Performance
PNC stock traded down $0.61 during trading on Friday, hitting $195.10. 1,863,484 shares of the company's stock traded hands, compared to its average volume of 2,109,370. The stock has a market capitalization of $77.18 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a fifty day moving average price of $175.83 and a two-hundred day moving average price of $180.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The business had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. As a group, equities analysts anticipate 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.49%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is presently 45.20%.
Analysts Set New Price Targets
Several equities research analysts recently commented on the company. Truist Financial dropped their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a report on Wednesday, April 16th. Barclays dropped their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley decreased their target price on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Citigroup lowered their price target on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday, March 24th. Finally, Royal Bank Of Canada cut their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $206.35.
Read Our Latest Stock Report on The PNC Financial Services Group
About The PNC Financial Services Group
(
Free Report)
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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