Vivid Wealth Management LLC Acquires Shares of 13,175 The PNC Financial Services Group, Inc $PNC

Key Points

• Vivid Wealth Management acquired a new stake of 13,175 shares of The PNC Financial Services Group in the fourth quarter, valued at about $2.75 million.
• Insiders have been net sellers recently—64,186 shares worth $14.84 million were sold in the last 90 days, including CEO William S. Demchak's sale of 50,000 shares and EVP Alexander Overstrom's sale of 2,500 shares; corporate insiders now own just 0.38% of PNC.
• PNC beat earnings expectations, reporting $4.32 EPS for the quarter (vs. $3.92 consensus) with revenue up 13.1% year-over-year, and declared a $1.70 quarterly dividend (3.1% yield) payable May 5.

Vivid Wealth Management LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 13,175 shares of the financial services provider's stock, valued at approximately $2,750,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP purchased a new position in The PNC Financial Services Group in the third quarter valued at $25,000. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group in the third quarter valued at $34,000. Beacon Financial Strategies CORP purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $35,000. JPL Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth about $37,000. Finally, Financial Life Planners purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth about $39,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares of the company's stock, valued at $4,940,179.20. This represents a 10.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the company's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 64,186 shares of company stock valued at $14,840,973 in the last 90 days. Corporate insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $221.45 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $89.33 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 0.91 and a beta of 0.96. The company's 50-day moving average is $214.54 and its two-hundred day moving average is $207.85. The PNC Financial Services Group, Inc has a 1-year low of $156.70 and a 1-year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business posted $3.51 EPS. The PNC Financial Services Group's revenue was up 13.1% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. cut their target price on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research note on Thursday, April 16th. TD Cowen boosted their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a "buy" rating and a $250.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $241.69.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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