B. Riley Wealth Advisors Inc. boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 13.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,755 shares of the financial services provider’s stock after acquiring an additional 1,596 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in The PNC Financial Services Group were worth $2,223,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. V Square Quantitative Management LLC raised its stake in shares of The PNC Financial Services Group by 23.3% during the 1st quarter. V Square Quantitative Management LLC now owns 8,483 shares of the financial services provider’s stock worth $1,371,000 after purchasing an additional 1,604 shares in the last quarter. Trust Point Inc. acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at about $459,000. Cerity Partners LLC boosted its stake in The PNC Financial Services Group by 15.0% in the fourth quarter. Cerity Partners LLC now owns 112,831 shares of the financial services provider’s stock valued at $17,472,000 after buying an additional 14,750 shares in the last quarter. Vaughan David Investments LLC IL raised its position in The PNC Financial Services Group by 5.7% in the fourth quarter. Vaughan David Investments LLC IL now owns 251,447 shares of the financial services provider’s stock valued at $38,937,000 after purchasing an additional 13,648 shares during the last quarter. Finally, Grayhawk Investment Strategies Inc. bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,200,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on PNC. Bank of America lifted their target price on The PNC Financial Services Group from $169.00 to $185.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Barclays lifted their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. UBS Group boosted their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group boosted their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $176.09.
View Our Latest Stock Report on The PNC Financial Services Group
Insider Transactions at The PNC Financial Services Group
In related news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the sale, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the sale, the executive vice president now directly owns 3,502 shares in the company, valued at $545,856.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,903 shares of company stock valued at $1,466,406. Corporate insiders own 0.42% of the company’s stock.
The PNC Financial Services Group Trading Down 0.5 %
PNC stock traded down $0.88 during trading on Wednesday, hitting $181.10. 1,834,569 shares of the company traded hands, compared to its average volume of 1,924,832. The company has a 50-day moving average of $160.86 and a 200-day moving average of $155.52. The firm has a market capitalization of $72.06 billion, a PE ratio of 15.28, a P/E/G ratio of 2.33 and a beta of 1.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $182.84.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.36 EPS. Analysts predict that The PNC Financial Services Group, Inc. will post 13 earnings per share 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 Monday, August 5th. Stockholders of record on Monday, July 15th will be given a $1.60 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.53%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.
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.
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