Spire Wealth Management lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 27.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,830 shares of the financial services provider’s stock after selling 2,522 shares during the quarter. Spire Wealth Management’s holdings in The PNC Financial Services Group were worth $1,260,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the company. Gradient Investments LLC increased its position in shares of The PNC Financial Services Group by 12.0% during the fourth quarter. Gradient Investments LLC now owns 476 shares of the financial services provider’s stock worth $95,000 after acquiring an additional 51 shares during the period. Manchester Capital Management LLC increased its position in shares of The PNC Financial Services Group by 1.5% during the fourth quarter. Manchester Capital Management LLC now owns 3,652 shares of the financial services provider’s stock worth $732,000 after acquiring an additional 53 shares during the period. Cetera Investment Advisers grew its stake in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. Cetera Investment Advisers now owns 14,417 shares of the financial services provider’s stock worth $2,891,000 after purchasing an additional 53 shares in the last quarter. Canal Capital Management LLC grew its stake in shares of The PNC Financial Services Group by 0.6% during the fourth quarter. Canal Capital Management LLC now owns 9,922 shares of the financial services provider’s stock worth $1,990,000 after purchasing an additional 55 shares in the last quarter. Finally, Morningstar Investment Services LLC grew its stake in shares of The PNC Financial Services Group by 5.0% during the fourth quarter. Morningstar Investment Services LLC now owns 1,164 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 55 shares in the last quarter. 83.54% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Robert A. Niblock purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was purchased at an average cost of $167.07 per share, with a total value of $334,140.00. Following the completion of the acquisition, the director now directly owns 6,063 shares of the company’s stock, valued at approximately $1,012,945.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Guild Deborah sold 1,257 shares of the stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the transaction, the executive vice president now directly owns 23,360 shares of the company’s stock, valued at $3,984,281.60. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.
Shares of PNC opened at $157.37 on Thursday. The PNC Financial Services Group, Inc. has a fifty-two week low of $149.51 and a fifty-two week high of $228.14. The company has a market capitalization of $65.09 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 2.25 and a beta of 1.24. The firm has a 50-day simple moving average of $164.38 and a 200-day simple moving average of $186.58. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.74 and a current ratio of 0.75.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last posted its quarterly earnings results on Thursday, April 14th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.78 by $0.51. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.72 billion. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $4.10 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 14.19 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 5th. Investors of record on Wednesday, April 13th were issued a dividend of $1.50 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.25. This represents a $6.00 annualized dividend and a yield of 3.81%. The ex-dividend date was Tuesday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 50.76%.
PNC has been the subject of a number of analyst reports. Piper Sandler lowered their target price on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating for the company in a research note on Friday, April 1st. StockNews.com initiated coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 31st. They set a “hold” rating for the company. Wolfe Research lowered their target price on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating for the company in a research note on Thursday, May 26th. Morgan Stanley decreased their price objective on shares of The PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating for the company in a research note on Monday, March 28th. Finally, Argus decreased their price objective on shares of The PNC Financial Services Group from $245.00 to $220.00 in a research note on Monday, April 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $215.29.
About The PNC Financial Services Group (Get Rating)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company’s Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.
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Source: defenseworld.net
